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The Banking Regulation Act, 1949

Part III — SUSPENSION OF BUSINESS AND WINDING UP OF BANKING COMPANIES

Section 42Power to dispense with meetings of creditors, etc

Read in the full Act
Section 42: Power to dispense with meetings of creditors, etc

42. Power to dispense with meetings of creditors, etc

Notwithstanding anything to the contrary contained in [ [section 460] of the Companies Act, 1956 (1 of 1956)], the [High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories *** if it considers that no object will be secured thereby sufficient to justify the delay and expense.

Amendment notes (4)
  1. Subs w.e.f. 14-1-1957 . Subs. by Act 95 of 1956, s. 14 and the Schedule, for "sections 178A and 183 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957).
  2. Subs w.e.f. 15-2-1984 . Subs. by Act 1 of 1984, s. 33, for "sections 460, 464, and 465" (w.e.f. 15-2-1984).
  3. Subs w.e.f. 30-12-1953 . Subs. by Act 52 of 1953, s. 4, for "Court" (w.e.f. 30-12-1953).
  4. omitted w.e.f. 15-2-1984 . The words "or with the appointment of a committee of inspection" omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984).