45. Restriction on compromise or arrangement between banking company and creditors
(1)Notwithstanding anything contained in any law for the time being in force, no [Subs., ibid-, s 4, for ” Court.”] [High Court] shall sanction a compromise or arrangement between a banking company and its creditors or any class of them or between such company and its creditors or any class of them or between such company and its members or any class of them unless the compromise or arrangement is certified by the Reserve Bank [Subs.by Act 52 of 1953, s.9, for “as not being detrimental to the interests of the depositors of such company “.] [in writing as not being incapable of being worked and as not being detrimental to the interests of the depositors of such banking company.[Subs.by Act 20 of 1950, s.9.][Renumbered as sub-section (1) of section 45 by Act 52 of 1953, s.9](2)Where an application under section 153 of the Indian Companies Act, 1913 is made in respect of a banking company, the High Court may direct the Reserve Bank to make an inquiry in relation to the affairs of the banking company and the conduct of its directors and when such a direction is given, the Reserve Bank shall make such inquiry and submit its report to the High Court. [Ins, ibid.][Part III-A consisting of ss.45A to 45X, were subs.by Act 52 of 1953, s.10, for the former Part III-A.]
