Section 45S — Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.

1 [45S. Chief Presidency Magistrate and District Magistrate to assist official liquidator in taking charge of property of banking company being wound up.-- (1) For the purpose of enabling the official liquidator or the special officer appointed under sub-section (3) of section 37 to take into his custody or under his control, all property, effects and actionable claims to which a banking company 2 *** is or appears to be entitled, the official liquidator or the special officer, as the case may be, may request in writing the 3 [Chief Metropolitan Magistrate or the Chief Judicial Magistrate], within whose jurisdiction any property, books of account or other documents of such banking company may be situate or be found, to take possession thereof, and the 3 [Chief Metropolitan Magistrate or the Chief Judicial Magistrate], as the case may be, shall, on such request being made to him,-- 4 [(a) take possession of such property, books of accounts or other documents, and (b) forward them to the official liquidator or the special officer]. 5 [(2) Where any such property and effects are in the possession of the 3 [Chief Metropolitan Magistrate or the Chief Judicial Magistrate], as the case may be, such Magistrate shall, on request in writing being made to him by the official liquidator or the special officer referred to in sub-section (1) , sell such property and effects and forward the net proceeds of the sale to the official liquidator or the special officer: Provided that such sale shall, as far as practicable, be effected by public auction. (3) For the purpose of securing compliance with the provisions of sub-section (1) , the 3 [Chief Metropolitan Magistrate or the Chief Judicial Magistrate], may take or cause to be taken such steps and use or cause to be used such force as may, in his opinion, be necessary. (4) No act of the 3 [Chief Metropolitan Magistrate or the Chief Judicial Magistrate] done in pursuance of this section shall be called in question in any court or before any autority.] ]

Official Hindi (PDF) ↗

‹ Prev All sections Next ›

Lexace India is a legal-information & technology platform — not a law firm. It does not advertise, solicit work, or provide legal advice, and no advocate–client relationship is created. Bare-act text for general information; verify against the official source.