Lawgist43Booked depositors' credits to be deemed proved
1[43. Booked depositors' credits to be deemed proved.--In any proceeding for the winding up of a banking company, every depositor of the banking company shall be deemed to have filed his claim for the amount shown in the books of the banking company as standing to his credit and, notwithstanding anything to the contrary contained in 2[section 474 of the Companies Act, 1956 (1 of 1956)] the High Court shall presume such claims to have been proved, unless the official liquidator shows that there is reason for doubting its correctness.]
Download our fully-offline, High speed android app.- Click here
1. Subs. by Act 52 of 1953, s. 8, for section 43 (w.e.f. 30-12-1953).
2. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "section 191 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957)
- 36B High Court defined
- 37 Suspension of business
- 38 Winding up by High Court
- 38A Court liquidator
- 39 Reserve Bank to be official liquidator
- 39A Application of Companies Act to liquidators
- 40 Stay of proceedings
- 41 Preliminary report by official liquidator
- 41A Notice to preferential claimants and secured and unsecured creditors
- 42 Power to dispense with meetings of creditors, etc
- 43 Booked depositors' credits to be deemed proved
- 43A Preferential payments to depositors
- 44 Powers of High Court in voluntary winding up
- 44A Procedure for amalgamation of banking companies
- 44B Restriction on compromise or arrangement between banking company and creditors
- 45 Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation
