Banking Regulation Act, 1949 — back to Table of Contents
Section 45-O. Special period of limitation
(1) Notwithstanding anything to the contrary in the Indian Limitation Act, 1908, or any other law, in computing the limitation period prescribed for a suit or application by a banking company being wound up, the period from the date the winding-up petition was presented is excluded.
(2) Notwithstanding the Indian Limitation Act, 1908, section 543 of the Companies Act, 1956, or any other law, there is no limitation period for recovering arrears of calls from any director of a banking company being wound up, or for enforcing against a director any claim based on an express or implied contract. For all other claims by the banking company against its directors, the limitation period is twelve years from accrual of the claim, or five years from the first appointment of the liquidator, whichever is longer.
(3) This section, so far as it relates to banking companies being wound up, also applies to a banking company where a winding-up petition was presented before the commencement of the Banking Companies (Amendment) Act, 1953.
Note: Part IIIA was inserted by the Banking Companies (Amendment) Act, 1953.
