The Banking Regulation Act

High Court defined

Suspension of business

Winding up by High Court

Court liquidator

Reserve Bank to be official liquidator

Application of Companies Act to liquidators

Stay of proceedings

Preliminary report by official liquidator

Notice to preferential claimants and secured and unsecured creditors

Power to dispense with meetings of creditors, etc

Booked depositors' credits to be deemed proved

Preferential payments to depositors

Powers of High Court in voluntary winding up

Procedure for amalgamation of banking companies

Restriction on compromise or arrangement between banking company and creditors

Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation


SUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES


1[
2[36B.] High Court defined.--In this Part and in Part IIIA, "High Court", in relation to a banking
company, means the High Court exercising Jurisdiction in the place where the registered office of the
banking company is situated or, in the case of a banking company incorporated outside India, where its
principal place of business in India is situated.]

LAWGIST

# 36B High Court defined