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TypeBare Act JurisdictionCentral Government

Banking Regulation Act, 1949 Section 45M

Special Provisions for Banking Companies Working Under Schemes of Arrangement at the Commencement of the Amendment Act

~1 min read
https://sooperkanoon.com/act/38749

Bare act section · Research

About this section

Banking Regulation Act, 1949 Section 45M is part of Banking Regulation Act, 1949 - Special Provisions for Banking Companies Working Under Schemes of Arrangement at the Commencement of the Amendment Act. Read the section text below and explore Indian court judgments that cite it.

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Section Text

Where any compromise or arrangement sanctioned in respect of a banking company under 1[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.

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1. Substituted by Act 95 of 1956, Section 14 and Schedule, for "section 153 of the Indian Companies Act, 1913 (7 of 1913)" w.e.f. 14-5-1957.

Frequently asked questions

What does Banking Regulation Act, 1949 Section 45M provide?

Section Section 45M of the Banking Regulation Act, 1949 (Special Provisions for Banking Companies Working Under Schemes of Arrangement at the Commencement of the Amendment Act) is reproduced on this page as part of the Banking Regulation Act, 1949. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Banking Regulation Act, 1949 Section 45M?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Banking Regulation Act, 1949 Section 45M. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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