Section 43A(5) in The Banking Regulation Act, 1949
(5)In order to enable the official liquidator to have in his custody or under his control in cash as much of the assets of the banking company as possible, the securities given to every secured creditor may be redeemed by the official liquidator-(a)where the amount due to the creditor is more than the value of the securities as assessed by him or, as the case may be, as assessed by the official liquidator, on payment of such value; and(b)where the amount due to the creditor is equal to or less than the value of the securities as so assessed, on payment of the amount due:Provided that where the official liquidator is not satisfied with the valuation made by the creditor, he may apply to the High Court for making a valuation.
