(1) Where an application is made to the High Court under *[section 543 of
the Companies Act, 1956 (1 of 1956)] against any promoter, director,
manager, liquidator or officer of a banking company for repayment or
restoration of any money or property and the applicant makes out a prima
facie case against such person, the High Court shall make an order against
such person to repay and restore the money or property unless he proves that
he is not liable to make the repayment or restoration either wholly or in
part:
Provided that where such an order is made jointly against two or more such
persons, they shall be jointly and severally liable to make the repayment or
restoration of the money or property.
(2) Where an application is made to the High Court under *[section 543 of the Companies Act, 1956 (1 of 1956)] and the High Court has reason to believe that a property belongs to any promoter, director, manager, liquidator or officer of the banking company, whether the property stands in the name of such person or any other person as an ostensible owner, then the High Court may, at any time, whether before or after making an order under sub-section (1), direct the attachment of such property, or such portion thereof, as it thinks fit and the property so attached shall remain subject to attachment unless the ostensible owner can prove to the satisfaction of the High Court that he is the real owner and the provisions of the Code of Civil Procedure, 1908 (5 of 1908) relating to attachment of property shall, as far as may be, apply to such attachment.
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Subs. by Act 95
of 1956, s. 14 and the Schedule, for "section 235 of the 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 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