287. Advisory committee
(1) The Tribunal may, while passing an order of winding up of a company, direct
that there shall be, an advisory committee to advise the Company Liquidator and to report to
the Tribunal on such matters as the Tribunal may direct.
(2) The advisory committee appointed by the Tribunal shall consist of not more than
twelve members, being creditors and contributories of the company or such other persons in
such proportion as the Tribunal may, keeping in view the circumstances of the company
under liquidation, direct.
(3) The Company Liquidator shall convene a meeting of creditors and contributories,
as ascertained from the books and documents, of the company within thirty days from the
date of order of winding up for enabling the Tribunal to determine the persons who may be
members of the advisory committee.
(4) The advisory committee shall have the right to inspect the books of account and
other documents, assets and properties of the company under liquidation at a reasonable
time.
(5) The provisions relating to the convening of the meetings, the procedure to be
followed thereat and other matters relating to conduct of business by the advisory committee
shall be such as may be prescribed.
(6) The meeting of advisory committee shall be chaired by the Company Liquidator.