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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,-

(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,
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
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