45A. Part IIIA to override other laws.—The provisions of this Part and the rules made thereunder
shall have effect notwithstanding anything inconsistent therewith contained in the
1. Ins. by Act 1 of 1984, s. 34 (w.e.f. 15-2-1984).
2. Subs. by s. 34, ibid., for certain words (w.e.f 15-2-1984).
3. The words “or a subsidiary bank” omitted by Act 39 of 2020, s. 3 (w.e.f. 26-6-2020).
4. Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953).
60
1
[Companies Act, 1956 (1 of 1956)] or the Code of Civil Procedure, 1908 (5 of 1908) of the
2
[Code of Criminal Procedure, 1973 (2 of 1974)] or any other law for the time being in force or any
instrument having effect by virtue of any such law; but the provisions of any such law or instrument in
so far as the same are not varied by, or inconsistent with, the provisions of this Part or rules made
thereunder shall apply to all proceedings under this Part.
45B. Power of High Court to decide all claims in respect of banking companies.—The High
Court shall, save as otherwise expressly provided in section 45C, have exclusive jurisdiction to
entertain and decide any claim made by or against a banking company which is being wound up
(including claims by or against any of its branches in India) or any application made under 3
[section 391
of the Companies Act, 1956 (1 of 1956)] by or in respect of a banking company or any question of
priorities or any other question whatsoever, whether of law or fact, which may relate to or arise in the
course of the winding up of a banking company, whether such claim or question has arisen or arises or
such application has been made or is made before or after the date of the order for the winding up of the
banking company or before or after the commencement of the Banking Companies (Amendment) Act,
1953 (52 of 1953).
45C. Transfer of pending proceedings.—(1) Where a winding up order is made or has been made
in respect of a banking company, no suit or other legal proceeding, whether civil or criminal, in respect
of which the High Court has jurisdiction under this Act and which is pending in any other court
immediately before the commencement of the Banking Companies (Amendment) Act, 1953 (52 of
1953), or the date of the order for the winding up of the banking company, whichever is later, shall be
proceeded with except in the manner hereinafter provided.
(2) The official liquidator shall, within three months from the date of the winding up order or the
commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), whichever is later, or
such further time as the High Court may allow, submit to the High Court a report containing a list of all
such pending proceedings together with particulars thereof.
(3) On receipt of a report under sub-section (2), the High Court may, if it so thinks fit, give the
parties concerned an opportunity to show cause why the proceedings should not be transferred to itself
and after making an inquiry in such manner as may be provided by rules made under section 45U, it
shall make such order as it deems fit transferring to itself all or such of the pending proceedings as may
be specified in the order and such proceedings shall thereafter be disposed of by the High Court.
(4) If any proceeding pending in a court is not so transferred to the High Court under
sub-section (3), such proceeding shall be continued in the court in which the proceeding was pending.
(5) Nothing in this section shall apply to any proceeding pending in appeal before the Supreme
Court or a High Court.
45D. Settlement of list of debtors.—(1) Notwithstanding anything to the contrary contained in any
law for the time being in force, the High Court may settle in the manner hereinafter provided a list of
debtors of a banking company which is being wound up.
(2) Subject to any rules that may be made under section 52, the official liquidator shall, within six
months from the date of the winding up order or the commencement of the Banking Companies
(Amendment) Act, 1953 (52 of 1953), whichever is later, from time to time, file 88H to the High Court
lists of debtors containing such particulars as are specified in the Fourth Schedule:
Provided that such lists may, with the leave of the High Court, be filed after the expiry of the said
period of six months.
1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “Indian Companies Act, 1913 (7 of 1913)” (w.e.f. 14-1-1957).
2. Subs. by Act 1 of 1984, s. 35, for “Code of Criminal Procedure 1898 (5 of 1898)” (w.e.f. 15-2-1984).
3. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “section 153 of the Indian Companies Act, 1913 (7 of 1913)”
(w.e.f. 14-1-1957).
61
(3) On receipt of any list under sub-section (2), the High Court shall, wherever necessary, cause
notices to be issued on all persons affected and after making an inquiry in such manner as may be
provided by rules made under section 45U, it shall make an order settling the list of debtors:
Provided that nothing in this section shall debar the High Court from settling any such list in part as
against such of the persons whose debts have been settled without settling the debts of all the persons
placed on the list.
(4) At the time of the settlement of any such list, the High Court shall pass an order for the payment
of the amount due by each debtor and make such further orders as may be necessary in respect of the
relief claimed, including reliefs against any guarantor or in respect of the realisation of any security.
(5) Every such order shall, subject to the provisions for appeal, be final and binding for all purposes
as between the banking company on the one hand and the person against whom the order is passed and
all persons claiming through or under him on the other hand, and shall be deemed to be a decree in a
suit.
(6) In respect of every such order, the High Court shall issue a certificate specifying clearly the
reliefs granted and the names and descriptions of the parties whom such reliefs have been granted, the
amount of costs awarded and by whom, and out of what funds and in what proportions, such costs are
to be paid; and every such certificate shall be deemed to be a certified copy of the decree for all
purposes including execution.
(7) At the time of settling the list of debtors or at any other time prior or subsequent thereto, the
High Court shall have power to pass any order in respect of a debtor on the application of the official
liquidator for the realisation, management, protection, preservation or sale of any property given as
security to the banking company and to give such powers to the official liquidator to carry out the
aforesaid directions as the High Court thinks fit.
(8) The High Court shall have power to sanction a compromise in respect of any debt and to order
the payment of any debt by instalments.
(9) In any case in which any such list is settled ex parte as against any person, such person may,
within thirty days from the date of the order settling the list, apply to the High Court for an order to vary
such list, so far as it concerns him, and if the High Court is satisfied that he was prevented by any
sufficient cause from appearing on the date fixed for the settlement of such list and that he has a good
defence to the claim of the banking company on merits, the High Court may vary the list and pass such
orders in relation thereto as it thinks fit:
Provided that the High Court may, if it so thinks fit, entertain the application after the expiry of the
said period of thirty days.
(10) Nothing in this section shall—
(a) apply to a debt which has been secured by a mortgage of immovable property, if a third
party has any interest in such immovable property; or
(b) prejudice the rights of the official liquidator to recover any debt due to a banking company
under any other law for the time being in force.
45E. Special provisions to make calls on contributories.— Notwithstanding that the list of the
contributories has not been settled under 1
[section 467 of the Companies Act, 1956 (1 of 1956)], the
High Court may, if it appears to it necessary or expedient so to do, at any time after making a winding
up order, make a call on and order payment thereof by any contributory under sub-section (1) of
2
[section 470 of the Companies Act, 1956] if such contributory has been placed on the list of
contributories by the official liquidator and has not appeared to dispute his liability.
1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “section 184 of the Indian Companies Act, 1913 (7 of 1913)”
(w.e.f. 14-1-1957).
2. Subs. by s. 14 and the Schedule, ibid., for “section 187 of the Indian Companies Act, 1913 (7 of 1913)” (w.e.f. 14-1-1957).
62
45F. Documents of banking company to be evidence.—(1) Entries in the books of account or
other documents of a banking company which is being wound up shall be admitted in evidence in all
1
[legal proceedings]; and all such entries may be proved either by the production of the books of
account or other documents of the banking company containing such entries or by the production of a
copy of the entries, certified by the official liquidator under his signature and stating that it is a true
copy of the original entries and that such original entries are contained in the books of account or other
documents of the banking company in his possession.
(2) Notwithstanding anything to the contrary contained in the Indian Evidence Act, 1872 (1 of
1872) all such entries in the books of account or other documents of a banking company shall, as
against the directors 2
[officers and other employees] of the banking company in respect of which the
winding up order has been made 3***, be prima facie evidence of the truth of all matters purporting to
be therein recorded.
45G. Public examination of directors and auditors.—(1) Where an order has been made for the
winding up of a banking company, the official liquidator shall submit a report whether in his opinion
any loss has been caused to the banking company since its formation by any act or omission (whether or
not a fraud has been committed by such act or omission) of any person in the promotion or formation of
the banking company or of any director or auditor of the banking company.
(2) If, on consideration of the report submitted under sub-section (1), the High Court is of opinion
that any person who has taken part in the promotion or formation of the banking company or has been a
director or an auditor of the banking company should be publicly examined, it shall hold a public sitting
on a date to be appointed for that purpose and direct that such person, director or auditor shall attend
thereat and shall be publicly examined as to the promotion or formation or the conduct of the business
of the banking company, or as to his conduct and dealings, in so far as they relate to the affairs of the
banking company:
Provided that no such person shall be publicly examined unless he has been given an opportunity to
show cause why he should not be so examined.
(3) The official liquidator shall take part in the examination and for that purpose may, if specially
authorised by the High Court in that behalf, employ such legal assistance as may be sanctioned by the
High Court.
(4) Any creditor or contributory may also take part in the examination either personally or by any
person entitled to appear before the High Court.
(5) The High Court may put such questions to the person examined as it thinks fit.
(6) The person examined shall be examined on oath and shall answer all such questions as the High
Court may put or allow to be put to him.
(7) A person ordered to be examined under this section may, at his own cost, employ any person
entitled to appear before the High Court who shall be at liberty to put to him such questions as the High
Court may deem just for the purpose of enabling him to explain or qualify any answer given by him:
Provided that if he is, in the opinion of the High Court, exculpated from any charges made or
suggested against him, the High Court may allow him such costs in its discretion as it may deem fit.
(8) Notes of the examination shall be taken down in writing, and shall be read over to or by, and
signed by, the person examined and may thereafter be used in evidence against him in any
1. Subs. by Act 55 of 1963, s. 22, for “proceedings by or against the banking company” (w.e.f. 1-2-1964).
2. Ins. by s. 22, ibid. (w.e.f. 1-2-1964).
3. The words, brackets and figures “before the commencement of the Banking Companies (Amendment) Act, 1953” omitted
by s. 22, ibid. (w.e.f. 1-2-1964).
63
proceeding, civil or criminal, and shall be open to the inspection of any creditor or contributory at all
reasonable times.
(9) Where on such examination, the High Court is of opinion (whether a fraud has been committed
or not)—
(a) that a person, who has been a director of the banking company, is not fit to be a director of a
company, or
(b) that a person, who has been an auditor of the banking company or a partner of a firm acting
as such auditor, is not fit to act as an auditor of a company or to be a partner of a firm acting as such
auditor,
the High Court may make an order that person shall not, without the leave of the High Court, be a
director of, or in any way, whether directly or indirectly, be concerned or take part in the management
of any company or, as the case may be, act as an auditor of, or be a partner of a firm acting as auditors
of, any company for such period not exceeding five years as may be specified in the order.
45H. Special provisions for assessing damages against delinquent directors, etc.—(1) Where an
application is made to the High Court under 1
[section 543 of the Companies Act, 1956 (1 of 1956)]
against any promoter, director, manager, liquidator or officer of a banking company for repayment or
restoration of any money or property and the applicant makes out a prima facie case against such
person, the High Court shall make an order against such person to repay and restore the money or
property unless he proves that he is not liable to make the repayment or restoration either wholly or in
part:
Provided that where such an order is made jointly against two or more such persons, they shall be
jointly and severally liable to make the repayment or restoration of the money or property.
(2) Where an application is made to the High Court under 1
[section 543 of the Companies Act, 1956
(1 of 1956)] and the High Court has reason to believe that a property belongs to any promoter, director,
manager, liquidator or officer of the banking company, whether the property stands in the name of such
person or any other person as an ostensible owner, then the High Court may, at any time, whether
before or after making an order under sub-section (1), direct the attachment of such property, or such
portion thereof, as it thinks fit and the property so attached shall remain subject to attachment unless the
ostensible owner can prove to the satisfaction of the High Court that he is the real owner and the
provisions of the Code of Civil Procedure, 1908 (5 of 1908) relating to attachment of property shall, as
far as may be, apply to such attachment.
45-I. Duty of directors and officers of banking company to assist in the realisation of
property.—Every director or other officer of a banking company which is being wound up shall give
such assistance to the official liquidator as he may reasonably require in connection with the realisation
and distribution of the property of the banking company.
45J. Special provisions for punishing offences in relation to banking companies being wound
up.—(1) The High Court may, if it thinks fit, take cognizance of and try in a summary way any offence
alleged to have been committed by any person who has taken part in the promotion or formation of the
banking company which is being wound up or by any director, manager or officer thereof:
Provided that the offence is one punishable under this Act or under the 2
[Companies Act, 1956
(1 of 1956)].
1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “section 235 of the Indian Companies Act, 1913 (7 of 1913)”
(w.e.f. 14-1-1957).
2. Subs. by s. 14 and the Schedule, ibid., for “Indian Companies Act, 1913 (7 of 1913)” (w.e.f. 14-1-1957).
64
(2) When trying any such offence as aforesaid, the High Court may also try any other offence not
referred to in sub-section (1) which is an offence with which the accused may, under the 1
[Code of
Criminal Procedure 1973 (2 of 1974)] be charged at the same trial.
(3) In any case tried summarily under sub-section (1), the High Court—
(a) need not summon any witness, if it is satisfied that the evidence of such witness will not be
material;
(b) shall not be bound to adjourn a trial for any purpose unless such adjournment is, in the
opinion of the High Court, necessary in the interests of justice;
(c) shall, before passing any sentence, record judgment embodying the substance of the
evidence and also the particulars specified in section 263 of the 1
[Code of Criminal Procedure, 1973
(2 of 1974)] so far as that section may be applicable,
and nothing contained in sub-section (2) of section 262 of the 1
[Code of Criminal Procedure, 1973
(2 of 1974)] shall apply to any such trial.
(4) All offences in relation to winding up alleged to have been committed by any person specified
in sub-section (1) which are punishable under this Act or under the 1
[Companies Act, 1956 (1 of 1956)]
and which are not tried in a summary way under sub-section (1) shall, notwithstanding anything to the
contrary contained in that Act or the 1
[Code of Criminal Procedure, 1973 (2 of 1974)] or in any other
law for the time being in force, be taken cognizance of and tried by a Judge of the High Court other
than the Judge for the time being dealing with the proceedings for the winding up of the banking
company.
(5) Notwithstanding anything to the contrary contained in the 1
[Code of Criminal Procedure, 1973
(2 of 1974)], the High Court may take cognizance of any offence under this section without the accused
being committed to it for trial 2***.
45K. [Power of High Court to enforce schemes of arrangements, etc.] Omitted by the Banking
Companies (Amendment) Act, 1959 (33 of 1959), s. 31 (w.e.f. 1-10-1959).
45L. Public examination of directors and auditors, etc., in respect of a banking company
under schemes of arrangement.—(1) Where an application for sanctioning a compromise or
arrangement in respect of a banking company is made under 3
[section 391 of the Companies Act, 1956
(1 of 1956)] or where such sanction has been given and the High Court is of opinion, whether on a
report of the Reserve Bank or otherwise, that any person who has taken part in the promotion or
formation of the banking company or has been a director or auditor of the banking company should be
publicly examined, it may direct such examination of such person and the provisions of section 45G
shall, as far as may be, apply to the banking company as they apply to a banking company which is
being wound up.
(2) Where a compromise or arrangement is sanctioned under 3
[section 391 of the Companies
Act, 1956 (1 of 1956)] in respect of a banking company, the provisions of 4
[section 543 of the said Act]
and of section 45H of this Act shall, as far as may be, apply to the banking company as they apply to a
banking company which is being wound up as if the order sanctioning the compromise or arrangement
were an order for the winding up of the banking company.
1. Subs. by Act 1 of 1984, s. 35, for “Code of Criminal Procedure, 1898 (5 of 1898)” (w.e.f. 15-2-1984).
2. The words “and all such trials shall be without the aid of a jury” omitted by s. 35, ibid. (w.e.f.15-2-1984).
3. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “section 153 of the Indian Companies Act, 1913 (7 of 1913)”
(w.e.f. 14-1-1957).
4. Subs. by s. 14 and the Schedule, ibid., for “section 235of the said Act” (w.e.f. 14-1-1957).
65
1
[(3) Where 2
[a scheme of reconstruction or amalgamation of a banking company] has been
sanctioned by the Central Government under section 45 and the Central Government is of opinion that
any person who has taken part in the promotion or formation of the banking company or has been a
director or auditor of the banking company should be publicly examined, that Government may apply to
the High Court for the examination of such person and if on such examination the High Court finds
(whether a fraud has been committed or not) that person is not fit to be a director of a company or to act
as an auditor of a company or to be a partner of a firm acting as such auditors, the Central Government
shall make an order that that person shall not, without the leave of the Central Government, be a
director of, or in any way, whether directly or indirectly, be concerned or take part in the management
of any company or, as the case may be, act as an auditor of, or be a partner of a firm acting as auditors
of, any company for such period not exceeding five years as may be specified in the order.
(4) Where 2
[a scheme of reconstruction or amalgamation of a banking company] has been
sanctioned by the Central Government under section 45, the provisions of section 543 of the Companies
Act, 1956 (1 of 1956), and of section 45H of this Act shall, as far as may be, apply to the banking
company as they apply to a banking company which is being wound up as if the order sanctioning the
scheme of reconstruction or amalgamation as the case may be, were an order for the winding up of the
banking company; and any reference in the said section 543 to the application of the official liquidator
shall be construed as a reference to the application of the Central Government.]
45M. Special provisions for banking companies working under schemes of arrangement at the
commencement of the Amendment Act.—Where any compromise or arrangement sanctioned in
respect of a banking company under 3
[section 391 of the Companies Act, 1956 (1 of 1956),] is being
worked at the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), the
High Court may, if it so thinks fit on the application of such banking company,—
(a) excuse any delay in carrying out any of the provisions of the compromise or arrangement; or
(b) allow the banking company to settle the list of its debtors in accordance with the provisions of
section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the
banking company as they apply to a banking company which is being wound up as if the order
sanctioning the compromise or arrangement were an order for the winding up of the banking company.
45N. Appeals.—(1) An appeal shall lie from any order or decision of the High Court in a civil
proceeding under this Act when the amount or value of the subject-matter of the claim exceeds five
thousand rupees.
(2) The High Court may by rules provide for an appeal against any order made under section 45J
and the conditions subject to which any such appeal would lie.
(3) Subject to the provisions of sub-section (1) and sub-section (2) and notwithstanding anything
contained in any other law for the time being in force, every order or decision of the High Court shall
be final and binding for all purposes as between the banking company on the one hand, and all persons
who are parties thereto and all persons claiming through or under them or any of them, on the other
hand.
45-O. Special period of limitation.—(1) Notwithstanding anything to the contrary contained in the
Indian Limitation Act, 1908 (9 of 1908) or in any other law for the time being in force, in
1. Ins. by Act 37 of 1960, s. 7 (w.e.f. 19-9-1960).
2. Subs. by Act 7 of 1961, s. 5, for “a scheme of reconstruction of a banking company or its amalgamation with another
banking company” (w.e.f. 24-3-1961).
3. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “section 153 of the Indian Companies Act, 1913 (7 of 1913)”
(w.e.f. 14-1-1957).
66
computing the period of limitation prescribed for a suit or application by a banking company which is
being wound up, the period commencing from the date of the presentation of the petition for the
winding up of the banking company shall be excluded.
(2) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of
1908) or 1
[section 543 of the Companies Act, 1956 (1 of 1956)] or in any other law for the time being in
force, there shall be no period of limitation for the recovery of arrears of calls from any director of a
banking company which is being wound up or for the enforcement by the banking company against any
of its directors of any claim based on a contract, express or implies; and in respect of all other claims by
the banking company against its directors, the period of limitation shall be twelve years from the date of
the accrual of such claims 2
[or five years from the date of the first appointment of the liquidator,
whichever is longer].
(3) The provisions of this section, in so far as they relate to banking companies being wound up,
shall also apply to a banking company in respect of which a petition for the winding up has been
presented before the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953).
45P. Reserve Bank to tender advice in winding up proceedings.—Where in any proceeding for
the winding up of a banking company in which any person other than the Reserve Bank has been
appointed as the official liquidator and the High Court has directed the official liquidator to obtain the
advice of the Reserve Bank on any matter (which it is hereby empowered to do), it shall be lawful for
the Reserve Bank to examine the record of any such proceeding and tender such advice on the matter as
it may think fit.
45Q. Power to inspect.—(1) The Reserve Bank shall, on being directed so to do by the Central
Government or by the High Court, cause an inspection to be made by one or more of its officers of a
banking company which is being wound up and its books and accounts.
(2) On such inspection, the Reserve Bank shall submit its report to the Central Government and the
High Court.
(3) If the Central Government, on consideration of the report of the Reserve Bank, is of opinion that
there has been a substantial irregularity in the winding up proceedings, it may bring such irregularity to
the notice of the High Court for such action as the High Court may think fit.
(4) On receipt of the report of the Reserve Bank under sub-section (2) or on any irregularity being
brought to its notice by the Central Government under sub-section (3), the High Court may, if it deems
fit, after giving notice to and hearing the Central Government in regard to the report, give such
directions as it may consider necessary.
45R. Power to call for returns and information.—The Reserve Bank may, at any time by a
notice in writing, require the liquidator of a banking company to furnish it, within such time as may be
specified in the notice or such further time as the Reserve Bank may allow, any statement or
information relating to or connected with the winding up of the banking company; and it shall be the
duty of every liquidator to comply with such requirements.
Explanation.—For the purposes of this section and section 45Q, a banking company working under
a compromise or arrangement but prohibited from receiving fresh deposits, shall, as far as may be, be
deemed to be a banking company which is being wound up.
45S. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking
charge of property of banking company being wound up.—(1) For the purpose of enabling the
official liquidator or the special officer appointed under sub-section (3) of section 37 to take into his
custody or under his control, all property, effects and actionable claims to which a
banking company 3*** is or appears to be entitled, the official liquidator or the special officer,
1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for “section 235 of the Indian Companies Act, 1913 (7 of 1913)”
(w.e.f. 14-1-1957).
2. Ins. by Act 33 of 1959, s. 32 (w.e.f. 1-10-1959).
3. The words “, which has been ordered to be wound up” omitted by Act 55 of 1963, s. 23 (w.e.f. 1-2-1964).
67
as the case may be, may request in writing the 1
[Chief Metropolitan Magistrate or the Chief Judicial
Magistrate], within whose jurisdiction any property, books of account or other documents of such
banking company may be situate or be found, to take possession thereof, and the 1
[Chief Metropolitan
Magistrate or the Chief Judicial Magistrate], as the case may be, shall, on such request being made to
him,—
2
[(a) take possession of such property, books of accounts or other documents, and (b) forward them
to the official liquidator or the special officer].
3
[(2) Where any such property and effects are in the possession of the 1
[Chief Metropolitan
Magistrate or the Chief Judicial Magistrate], as the case may be, such Magistrate shall, on request in
writing being made to him by the official liquidator or the special officer referred to in sub-section (1),
sell such property and effects and forward the net proceeds of the sale to the official liquidator or the
special officer:
Provided that such sale shall, as far as practicable, be effected by public auction.
(3) For the purpose of securing compliance with the provisions of sub-section (1), the 1
[Chief
Metropolitan Magistrate or the Chief Judicial Magistrate], may take or cause to be taken such steps and
use or cause to be used such force as may, in his opinion, be necessary.
(4) No act of the 1
[Chief Metropolitan Magistrate or the Chief Judicial Magistrate] done in
pursuance of this section shall be called in question in any court or before any autority.]
45T. Enforcement of orders and decisions of High Court.—(1) All orders made in any civil
proceeding by a High Court may be enforced in the same manner in which decrees of such court made
in any suit pending therein may be enforced.
(2) Notwithstanding anything to the contrary contained in the Code of Civil Procedure, 1908
(5 of 1908), a liquidator may apply for the execution of a decree by a court other than the one which
made it on production of a certificate granted under sub-section (6) of section 45D and on his certifying
to such other court in writing the amount remaining due or relief remaining unenforced under the
decree.
(3) Without prejudice to the provisions of sub-section (1) or sub-section (2), any amount found due
to the banking company by an order or decision of the High Court may, with the leave of the High
Court, be recovered 4
[by the liquidator in the same manner as an arrear of land revenue and for the
purpose of such recovery the liquidator may forward to the Collector within whose jurisdiction the
property of the person against whom any order or decision of the High Court has been made is situate, a
certificate under his signature specifying the amount so due and the person by whom it is payable].
5
[(4) On receipt of a certificate under sub-section (3), the Collector shall proceed to recover from
such person the amount specified therein as if it were an arrear of land revenue:
Provided that without prejudice to any other powers of the Collector, he shall, for the purposes of
recovering the said amount, have all the powers, which, under the Code of Civil Procedure, 1908
(5 of 1908), a civil court has for the purpose of the recovery of an amount due under a decree.]
45U. Power of High Court to make rules.—The High Court may make rules consistent with this
Act and the rules made under section 52 prescribing—
(a) the manner in which inquiries and proceedings under Part III or Part IIIA may be held;
(b) the offences which may be tried summarily;
(c) the authority to which, and the conditions subject to which, appeals may be preferred and
the manner in which such appeals may be filed and heard;
1. Subs. by Act 1 of 1984, s. 36, for “Chief Presidency Magistrate or the District Magistrate” (w.e.f.15-2-1984).
2 Subs. by Act 55 of 1963, s. 23, for certain words (w.e.f. 1-2-1964).
3. Subs. by s. 23, ibid., for sub-section (2) (w.e.f. 1-2-1964).
4. Subs. s. 24, ibid., for “in the same manner as an arrear of land revenue” (w.e.f. 1-2- 1964).
5. Ins. by s. 24, ibid. (w.e.f. 1-2-1964).
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(d) any other matter for which provision has to be made for enabling the High Court to
effectively exercise its functions under this Act.
45V. References to directors, etc., shall be construed as including references to past directors,
etc.—For the removal of doubts it is hereby declared that any reference in this Part to a director,
manager, liquidator, officer or auditor of a banking company shall be construed as including a reference
to any past or present director, manager, liquidator, officer or auditor of the banking company.
45W. Part II not to apply to banking companies being wound up.—Nothing contained in Part II
shall apply to a banking company which is being wound up.
45X. Validation of certain proceedings.—Notwithstanding anything contained in section 45B or
any other provision of this Part or in section 11 of the Banking Companies (Amendment) Act, 1950 (20
of 1950), no proceeding held, judgment delivered or decree or order made before the commencement of
the Banking Companies (Amendment) Act, 1953 (52 of 1953), by any court other than the High Court
in respect of any matter over which the High Court has jurisdiction under this Act shall be invalid or be
deemed ever to have been invalid merely by reason of the fact that such proceeding, judgment, decree
or order was held, delivered or made by a court other than the High Court.]