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The Ministry of Finance (Department of Financial Services) has officially appointed Punjab National Bank (PNB) as the official liquidator for the winding-up proceedings of 32 defunct banking companies, as per a notification dated June 3, 2025. The appointment is made under the powers conferred by Section 39 of the Banking Regulation Act, 1949, and relates specifically to winding-up proceedings pending before the Calcutta High Court. This development is expected to accelerate the resolution of l
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FAQ :
Punjab National Bank (PNB) has been appointed as the Official Liquidator.
There are 32 defunct banking companies involved in these winding-up proceedings.
The appointment was made under Section 39 of the Banking Regulation Act, 1949.
The proceedings are pending before the Calcutta High Court.
The appointment is expected to accelerate the resolution of legacy banking cases, bringing closure to outstanding claims and asset distribution.
Former employees awaiting dues, creditors seeking recovery of funds, and legal/regulatory authorities will benefit from a more coordinated and transparent resolution process.
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