Reserve Bank of India Act, 1934
Section - 45MC - Power of Bank to file winding up petition
Power of Bank to file winding up petition.
45MC. (1) The Bank, on being satisfied that a non-banking financial company,-
may file an application for winding up of such non-banking financial company under the Companies Act, 1956 (1 of 1956).
(2) A non-banking financial company shall be deemed to be unable to pay its .... To read the full section download the app from Google Play store
| (a) | - | is unable to pay its debt; or |
| (b) | - | has by virtue of the provisions of section 45-IA become disqualified to carry on the business of a non-banking financial institution ; or |
| (c) | - | has been prohibited by the 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 non-banking financial company is detrimental to the public interest or to the interest of the depositors of the company, |
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