Registrar may order a Meeting of Creditors

(1) Notwithstanding anything contained in this Act, where a compromise or arrangement is proposed between a registered society and its creditor or creditors or any class of them the Registrar, upon an application made by a registered society or by Liquidator, in case of a society in respect of which an order has been passed for the winding up thereof, or by a creditor or creditors or any class of creditors may order a meeting of the creditors. (2) If a majority number of creditors or the class of creditors, as the case may be representing claims to three-fourths of the debts due by the society to the creditor or class of creditors, at a meeting agree to any compromise or arrangement and if the Registrar agrees to such compromise Ct arrangement and gives his/her sanction then the compromise or the arrangement shall be binding on all the creditors or class of creditors and also on the order has been passed for the winding up thereof, and on all persons who may be required by the Liquidator to contribute to th ' assets of the society.