Notwithstanding anything to the contrary contained in section 203 of the Indian Companies Act, 1913, no banking company which holds a licence granted under section 22 may be voluntarily wound up unless the Reserve Bank certifies in writing that the company is able to pay in full all its debts to its creditors as they accrue, and without prejudice to the provisions contained in sections 218 and 220 of that Act, the {Subs.by Act 52 of 1953, s.4, for ” Court “.} [High Court] shall, on the application of the Reserve Bank, order the winding up of the company by the {Subs.by Act 52 of 1953, s.4, for ” Court “.} [High Court] if at any stage during the voluntary winding up proceedings the company is not able to meet such debts as they accrue.
