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Winding Up
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● Suspension of Banking and Winding Up:
A Banking company which is temporarily unable to meet its obligation may apply to the High Court under Section 37 of the Banking Regulation Act for staying the Commencement or continuance of any proceedings against it.
● Winding Up by High Court:
The High court shall order the winding up of a banking company in the circumstances mentioned in Section 38 of the Banking Regulation Act.
● Official Liquidator:
Section 38A of the BR act provides for a liquidator to be appointed by the Central Government, attached to respective High court, for conducting the winding up proceedings relating to banking companies.
● Reserve Bank as Liquidator:
Although there is a provision for an official liquidator as above, of the Reserve Bank applies to the Court under Section 39 of the Act, the Reserve Bank, State bank or any other Bank notified by the Central Government in this behalf or any individual stated in the application may be appointed as the official liquidator.
● Preferential Payment:
In the winding up proceedings, the liquidator of a banking company has to make certain preferential payments under Section 43A of the Banking Regulation Act.
● Voluntary Winding Up:
Apart from the provision for compulsory winding up as above, Section 44 provides for voluntary winding up by banking Companies.
