supervision of the Court (sections 221 to 226 ). We are concerned in this case only with voluntary winding up. Sections 203 to 207 contain provisions regarding all cases of voluntary winding up. Section 203 enumerates the circumstances in which a company may be wound up voluntarily by passing any of the resolutions mentioned in clauses (1) to (3) thereof. Section 204 provides that a voluntary winding up shall be deemed to commence at the time of the passing of a resolution for voluntary winding up underany of the clauses of section 203. Section 205 lays down that when a company is wound up voluntarily, it shall, from the commencement of the winding up, cease to carry on its business, except so far as may be required for the beneficial winding up thereof, but that the corporate state and corporate powers of the company shall, not withstanding anything to the contrary in its articles, continue until it is dissolved. Section 206 prescribes that notice of any special or extraordinary resolution for winding up a company voluntarily shall be given within ten days of the passing of the same by advertisement in the official Gazette and in some newspaper. Section 207 provides that the directors of the company may, before the date on which notices of the meeting at which the resolution for the voluntary winding up of the company is to be passed are sent out, make a declaration of the solvency of the company, i. e. , that the company would be able to pay its debts in full within a period, not exceeding three years, from the commencement of the winding up and deliver it to the Registrar for registration before the date mentioned above. The section also states that a winding up in the case of which a declaration has been so made and delivered has been REFERRED TO to in the Act as a "members' voluntary winding up", and a winding up in the case of which a declaration has not been so made and delivered has been REFERRED TO to as a "creditors voluntary winding up".

( 23 ) THUS, a voluntary winding up may be either the members' or the creditors'. Sections 208 to 208-E contain provisions which are applicable only to a members' voluntary winding up, while sections 209 to 209-H contain provisions which are applicable only to a creditors' voluntary winding up. Sections 210 to 220 contain provisions which are applicable both to a members' and a creditors' voluntary winding up. Sections 221 to 226 deal with winding up subject to supervision of Court. The remaining sections 227 to 247 contain some supplementary provisions, etc. The present case was one of members' voluntary winding up. A declaration of solvency was made by the directors of the Indian National Airways Limited on February 25, 1956, under section 207 of the Act, and notices (Annexure C-l) were issued on March 3, 1956, that an extraordinary general meeting would be held on March 28, 1956, for passing resolutions regarding members' voluntary winding up of the Indian National Airways Limited. Section 208-A empowers the company to appoint and fix remuneration of liquidator. Section 208-B contains provision for filling lip a vacancy occurring by death, resignation or otherwise in the office of liquidator appointed by the company. Section 208-C (1) provides as follows:-

"where a company is proposed to be, or is in course of being, wound up altogether voluntarily, and the whole or part of its business or property is proposed to be transferred or sold to another company, whether a company is within the meaning of this Act or not (in this section called "the transferee company"), the liquidator of the first-mentioned company (in this section called "the transferor company") may, with the sanction of a special resolution of that com- pany conferring either a general authority on the liquidator or an authority in respect of any particular arrangement, receive, in compensation or part compensation for the transfer or sale, shares, policies or other like interests in the transferee company, for distri

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