Lawgist33BPower of National Housing Bank to file winding up petition
1[33B. Power of National Housing Bank to file winding up petition.--(1) The National Housing Bank, on being satisfied that a housing finance institution which is a company,--
(a) is unable to pay its debt; or
(b) has by virtue of the provisions of section 29A become disqualified to carry on the business of a housing finance institution; or
(c) has been prohibited by 2[the National Housing Bank or the Reserve Bank] from receiving deposit by an order and such order has been in force for a period of not less than three months; or
(d) the continuance of the housing finance institution is detrimental to the public interest or to the interest of depositors of the company, may file an application for winding up of such housing finance institution under the 3[Companies Act, 2013 (18 of 2013)].
(2) A housing finance institution which is a company shall be deemed to be unable to pay its debt if it has refused or has failed to meet within five working days any lawful demand made at any of its offices or branches and the National Housing Bank certifies in writing that such company is unable to pay its debt.
(3) A copy of every application made by the National Housing Bank under sub-section (1) shall be sent to 3[the Registrar of Companies and the Reserve Bank].
(4) All the provisions of the 3[Companies Act, 2013 (18 of 2013)] relating to winding up of a company shall apply to a winding up proceeding initiated on the application made by the National Housing Bank under this provision.]
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1. Subs. by s. 162,ibid., for section 33A (w.e.f. 09-08-2019).
2. Subs. by Act 23 of 2019, s. 163, for “the National Housing Bank” (w.e.f. 09-08-2019).
3. Subs. by Act 13 of 2018, s. 171, for “Companies Act, 1956 (1 of 1956)” (w.e.f. 1-6-2018).
- 28 Definition of deposit
- 29 Chapter not to apply in certain cases
- 29A Requirement of registration and net owned fund
- 29B Maintenance of percentage of assets
- 29C Reserve fund
- 30 Reserve Bank to regulate or prohibit issue of prospectus or advertisement soliciting deposits of mone
- 30A Power of Reserve Bank to determine policy and issue directions
- 31 Power of National Housing Bank to collect information from housing finance institutions as to deposits
- 32 Duty of housing finance institutions to furnish statements, etc., under this Chapte
- 33 Powers and duties of auditors
- 33A Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets
- 33B Power of National Housing Bank to file winding up petition
- 34 Inspection
- 35 Deposits not to be solicited by unauthorised persons
- 35A Disclosure of information
- 35B Power of Reserve Bank to exempt housing finance institutio
- 36 Chapter V to override other laws
- 36A Power to order repayment of deposit
- 36B Nomination by depositors
