(1)Without prejudice to the provisions contained in section 162 or section 271 of the Indian Companies Act, 1913, and without prejudice to its powers under section 37, the {Subs.by Act 52 of 1953, s.4, for ” Court “.} [High Court] shall order the winding up of a banking company if it is unable to pay its debts and the [Subs.by Act 52 of 1953, s.4, for ” Court “.][High Court] shall also order the winding up of a banking company if the Reserve Bank applies in this behalf to the {Subs.by Act 52 of 1953, s.4, for ” Court “.} [High Court].(2)The Reserve Bank may make an application under this section only if it is directed so to do by order under clause (b) of sub-section (4) of section 35 or if the banking company has failed to comply within due time with the demand contained in a notice under sub-section (5) of section 46.(3)Without prejudice to the provisions contained in section 163 of the Indian Companies Act.1913.a banking company shall be deemed to be unable to pay its debts if it has refused to meet any lawful demand for payment made at any of its offices or branches within two working days, if such demand is made at a place where there is an office, branch or agency of the Reserve Bank, or within five working days, if such demand is made elsewhere, and if the Reserve Bank certifies in writing that the banking company is unable to pay its debts.(4)A copy of every application by the Reserve Bank under sub-section (1) shall be sent by the Reserve Bank to the registrar.
