(1) Where a winding up order is made or has been made in respect of a banking company, no suit or other legal proceeding, whether civil or criminal, in respect of which the High Court has jurisdiction under this Act and which is pending in any other court immediately before the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), or the date of the order for the winding up of the banking company, whichever is later, shall be proceeded with except in the manner hereinafter provided.
(2) The official liquidator shall, within three months from the date of the winding up order or the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), whichever is later, or such further time as the High Court may allow, submit to the High Court a report containing a list of all such pending proceedings together with particulars thereof.
(3) On receipt of a report under sub-section (2), the High Court may, if it so thinks fit, give the parties concerned an opportunity to show cause why the proceedings should not be transferred to itself and after making an inquiry in such manner as may be provided by rules made under section 45U, it shall make such order as it deems fit transferring to itself all or such of the pending proceedings as may be specified in the order and such proceedings shall thereafter be disposed of by the High Court.
(4) If any proceeding pending in a court is not so transferred to the High Court under sub-section (3), such proceeding shall be continued in the court in which the proceeding was pending.
(5) Nothing in this section
shall apply to any proceeding pending in appeal before the Supreme Court or
a High Court.
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