Lawgist45-OSpecial period of limitatio
1[45-O. Special period of limitation.--(1) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of 1908) or in any other law for the time being in force, in computing the period of limitation prescribed for a suit or application by a banking company which is being wound up, the period commencing from the date of the presentation of the petition for the winding up of the banking company shall be excluded.
(2) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of 1908) or 2[section 543 of the Companies Act, 1956 (1 of 1956)] or in any other law for the time being in force, there shall be no period of limitation for the recovery of arrears of calls from any director of a banking company which is being wound up or for the enforcement by the banking company against any of its directors of any claim based on a contract, express or implies; and in respect of all other claims by the banking company against its directors, the period of limitation shall be twelve years from the date of the accrual of such claims 3[or five years from the date of the first appointment of the liquidator, whichever is longer].
(3) The provisions of this section, in so far as they relate to banking companies being wound up, shall also apply to a banking company in respect of which a petition for the winding up has been presented before the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953).]
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1. Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953).
2. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "section 235 of the Indian Companies Act, 1913 (7 of 1913)" (w.e.f. 14-1-1957).
3. Ins. by Act 33 of 1959, s. 32 (w.e.f. 1-10-1959).
- 45A Part IIIA to override other laws
- 45B Power of High Court to decide all claims in respect of banking companies
- 45C Transfer of pending proceedings
- 45D Settlement of list of debtors
- 45E Special provisions to make calls on contributories
- 45F Documents of banking company to be evidence
- 45G Public examination of directors and auditors
- 45H Special provisions for assessing damages against delinquent directors, et
- 45-I Duty of directors and officers of banking company to assist in the realisation of property
- 45J Special provisions for punishing offences in relation to banking companies being wound up
- 45K Omitted
- 45L Public examination of directors and auditors, etc., in respect of a banking company under schemes of arrangemen
- 45M Special provisions for banking companies working under schemes of arrangement at the commencement of the Amendment Act
- 45N Appeals
- 45-O Special period of limitatio
- 45P Reserve Bank to tender advice in winding up proceeding
- 45Q Power to Inspec
- 45R Power to call for returns and informatio
- 45S Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up
- 45T Enforcement of orders and decisions of High Court
- 45U Power of High Court to make rules
- 45V References to directors, etc., shall be construed as including references to past directors, etc
- 45W Part II not to apply to banking companies being wound u
- 45X Validation of certain proceedings
