Section 27(3) in The Industrial Development Bank Of India General Regulations, 1994
(3)The Development Bank shall not be bound to recognise such executors or administrators unless they shall have obtained probate or letters of administration or other legal representation, as the case may be, from a Court of competent jurisdiction:Provided, however, that in a case where the Board in its discretion thinks fit, it shall be lawful for the Board to dispense with the production of a succession certificate, letters of administration or such other legal representation upon such terms as to indemnify or otherwise as it may think fit.
