(1) The Reserve Bank shall, on being directed so to do by the Central Government or by the High Court, cause an inspection to be made by one or more of its officers of a banking company which is being wound up and its books and accounts.
(2) On such inspection, the Reserve Bank shall submit its report to the Central Government and the High Court.
(3) If the Central Government, on consideration of the report of the Reserve Bank, is of opinion that there has been a substantial irregularity in the winding up proceedings, it may bring such irregularity to the notice of the High Court for such action as the High Court may think fit.
(4) On receipt of the report of the Reserve Bank under sub-section (2) or on
any irregularity being brought to its notice by the Central Government under
sub-section (3), the High Court may, if it deems fit, after giving notice to
and hearing the Central Government in regard to the report, give such
directions as it may consider necessary.
Section 45O Special period of limitation
Section 45P Reserve Bank to tender advice in winding up proceedings
Section 45R Power to call for returns and information
Section 45T Enforcement of orders and decisions of High Court
Section 45U Power of High Court to make rules
Section 45x Validation of certain proceedings
Section 45y Power of Central Government to make rules for the preservation of records
Section 45z Return of paid instruments to customers
Section 45za Nomination for payment of depositors money
Section 45zb Notice of claims of other persons regarding deposits not receivable
Section 45zc Nomination for return of articles kept in safe custody with banking company
Section 45zd Notice of claims of other persons regarding articles not receivable
Section 45ze Release contents of safety Release of lockers
Section 45zf Notice of claims of other persons regarding safety lockers not receivable