Laws and Bare Acts of India at

MyNation Foundation Online Law Library

Section 45 M – The Banking Regulation Act,1949

The Banking Regulation Act,1949

Section 45M. Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act

Where any compromise or arrangement sanctioned in respect of a banking company under 1[section 391 of the Companies Act,1956 (1 of 1956)] is being worked at the commencement of the Banking Companies (Amendment) Act,1953 (52 of 1953) the High Court may, if it so thinks fit, on the application of such banking company,

(a) excuse any delay in carrying out any of the provisions of the compromise or arrangement; or

(b) allow the banking company to settle the list of its debtors in accordance with the provisions of section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the banking company as they apply to a banking company which is being wound up as if the order sanctioning the compromise or arrangement were an order for the winding up of the banking company.


1. Substituted by Act 95 of 1956, Section 14 and Schedule, for “section 153 of the Indian Companies Act,1913 (7 of 1913)” w.e.f. 14-5-1957.

Previous | Next

The Banking Regulation Act,1949

Indian Laws – Bare Acts


Leave a Reply

Your email address will not be published.

Copyright © 2022 Laws and Bare Acts of India at

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation