Section 45A of Banking Regulation Act - Part IIIA to override other laws

PART IIIA* SPECIAL PROVISIONS FOR SPEEDY DISPOSAL OF WINDING UP PROCEEDINGS

1Section 45A of Banking Regulation Act 1949: 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[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.

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* Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953)

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).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)

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

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

Section 45I Duty of directors and officers of banking company to assist in the realisation of property

Section 45J Special provisions for punishing offences in relation to banking companies being wound up

Section 45L Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangement

Section 45M Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act

Section 45N Appeals