Section 45M(b) in The Banking Regulation Act, 1949
(b)allow the banking company to settle the list of its debtors in accordance with the provisions of section 45-D 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.
