Banking Regulation Act, 1949 — back to Table of Contents
Section 45C. Transfer of pending proceedings
(1) Where a winding up order is made or has been made in respect of a banking company, no suit or other legal proceeding, civil or criminal, over which the High Court has jurisdiction under this Act and which was pending in any other court immediately before the commencement of the Banking Companies (Amendment) Act, 1953, or the date of the winding-up order, whichever is later, may be proceeded with except as provided in this section.
(2) The official liquidator must, within three months of the winding-up order or the commencement of the Banking Companies (Amendment) Act, 1953, whichever is later, or such further time as the High Court allows, submit to the High Court a report listing all such pending proceedings with particulars.
(3) On receiving that report, the High Court may give the parties concerned an opportunity to show cause why the proceedings should not be transferred to itself and, after an inquiry as prescribed by rules under section 45U, may order the transfer to itself of all or any of the pending proceedings specified in the order, which are then disposed of by the High Court.
(4) A proceeding not so transferred continues in the court where it was pending.
(5) This section does not apply to any proceeding pending in appeal before the Supreme Court or a High Court.
Note: Part IIIA was inserted by the Banking Companies (Amendment) Act, 1953.
