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[39A. Application of Companies Act to liquidators.--(1) All the provisions of the Companies
Act, 1956 (1 of 1956), relating to a liquidator, in so far as they are not inconsistent with this Act, shall
apply to or in relation to a liquidator appointed under section 38A or section 39.

(2) Any reference to the "official liquidator" in this Part and Part IIIA shall be construed as
including a reference to any liquidator of a banking company.]


LAWGIST

# 39A Application of Companies Act to liquidators