Suspension of business

Q: When did Section 37 of the Banking Regulation Act come into force?

Section 37 of the Banking Regulation Act, cited as Banking Regulation Act 1949 37, came into force on 16 Mar 1949, having been enacted on 10 Mar 1949. It is in force as at the date shown on this page.

In force From 16 Mar 1949 Act 10 of 1949 As on 15 Oct 2026

Act 10 of 1949 Ministry Finance Enacted 10 Mar 1949 In force 16 Mar 1949 Cited by 2 provisions

Section 37 of the Banking Regulation Act, 1949 deals with suspension of business. The [High Court] may on the application of a banking company which is temporarily unable to meet its obligations make an order (a copy of which it shall cause to be forwarded to the Reserve Bank) staying the commencement or continuance of all actions and proceedings against the company for a fixed p The Act came into force on 16 Mar 1949.

(1) The ¹[High Court] may on the application of a banking company which is temporarily unable to meet its obligations make an order (a copy of which it shall cause to be forwarded to the Reserve Bank) staying the commencement or continuance of all actions and proceedings against the company for a fixed period of time on such terms and conditions as it shall think fit and proper, and may from time to time extend the period so however that the total period of moratorium shall not exceed six months.
(2) No such application shall be maintainable unless it is accompanied by a report of the Reserve Bank indicating that in the opinion of the Reserve Bank the banking company will be able to pay its debts if the application is granted:
Provided that the ²[High Court] may, for sufficient reasons, grant relief under this section even if the application is not accompanied by such report, and where such relief is granted, the ²[High Court] shall call for a report from the Reserve Bank on the affairs of the banking company, on receipt of which it may either rescind any order already passed or pass such further orders thereon as may be just and proper in the circumstances.
³[(3) When an application is made under sub-section (1), the High Court may appoint a special officer who shall forthwith take into his custody or under his control all the assets, books, documents, effects and actionable claims to which the banking company is or appears to be entitled and shall also exercise such other powers as the High Court may deem fit to confer on him, having regard to the interests of the depositors of the banking company.]
⁴[(4) Where the Reserve Bank is satisfied that the affairs of a banking company in respect of which an order under sub-section (1) has been made, are being conducted in a manner detrimental to the interests of the depositors, it may make an application to the High Court for the winding up of the company, and where any such application is made, the High Court shall not make any order extending the period for which the commencement or continuance of all actions and proceedings against the company were stayed under that sub- section.]
Section 37, The Banking Regulation Act, 1949 (Act 10 of 1949).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

Referred to by 2

Questions about Section 37

What does Section 37 of the Banking Regulation Act deal with?

Section 37 of the Banking Regulation Act is headed "Suspension of business". The [High Court] may on the application of a banking company which is temporarily unable to meet its obligations make an order (a copy of which it shall cause to be forwarded to the Reserve Bank) staying the commencement or continuance of all actions and proceedings against the company for a fixed p

How do I find court cases under Section 37 of the Banking Regulation Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Banking Regulation Act 1949 37, section 37 Banking Regulation Act 1949, section 37 of the Banking Regulation Act. People searching for it also type section 37 banking regulation act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 37 of the Banking Regulation Act, and has it changed?

2 other provisions in this corpus refer back to it.

When did Section 37 of the Banking Regulation Act come into force?

Section 37 of the Banking Regulation Act, cited as Banking Regulation Act 1949 37, came into force on 16 Mar 1949, having been enacted on 10 Mar 1949. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 15 Oct 2026. This page is not a substitute for legal advice.