Notwithstanding anything to the contrary contained in 1[ 2[section 460] of the Companies Act, 1956 (1 of 1956)], the 3[High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories 4 if it considers that no object will be secured thereby sufficient to justify the delay and expense.
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1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "sections 178A and 183 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957)
2. Subs. by Act 1 of 1984, s. 33, for "sections 460, 464, and 465" (w.e.f. 15-2-1984)
3. Subs. by Act 52 of 1953, s. 4, for "Court" (w.e.f. 30-12-1953)
4. The words "or with the appointment of a committee of
inspection" omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984)
Section 41 Preliminary report by official liquidator
Section 41A Notice to preferential claimants and secured and unsecured creditors
Section 42 Power to dispense with meetings of creditors
Section 43 Booked depositors credits to be deemed proved
Section 43A Preferential payments to depositors
Section 44 Powers of High Court in voluntary winding up
Section 44A Procedure for amalgamation of banking companies
Section 44B Restriction on compromise or arrangement between banking company and creditors
Section 45A Part IIIA to override other laws
Section 45B Power of High Court to decide all claims in respect of banking companies
Section 45C Transfer of pending proceedings
Section 45D Settlement of list of debtors
Section 45E Special provisions to make calls on contributories
Section 45F Documents of banking company to be evidence
Section 45G Public examination of directors and auditors
Section 45H Special provisions for assessing damages against delinquent directors, etc