Notwithstanding anything contained [Ins.by Act 52 of 1953, s.7.] [in section 38A of this Act or] in section 175 of the Indian Companies Act, 1913, where in any proceeding for the winding up by the {Subs., ibid., s.4, for ” Court “.} [High Court] of a banking company, an application is made by the Reserve Bank in this behalf, the Reserve Bank {Ins.by Act 23 of 1955, s.53 and Sch.IV.} [or the State Bank of India, as the case may be, as stated in such application] shall be appointed as the official liquidator of the banking company in such proceeding.
