Stay of proceedings
Section 40 of the Banking Regulation Act, 1949 deals with stay of proceedings. Notwithstanding anything to the contrary contained in [section 466 of the Companies Act, 1956 (1 of 1956)], the [High Court] shall not make any order staying the proceedings in relation to the winding up of a banking company, unless the [High Court] is satisfied that an arrangement has been made whe The Act came into force on 16 Mar 1949.
Notwithstanding anything to the contrary contained in 1[section 466 of the Companies Act, 1956 (1 of 1956)], the 2[High Court] shall not make any order staying the proceedings in relation to the winding up of a banking company, unless the 2[High Court] is satisfied that an arrangement has been made whereby the company can pay its depositors in full as their claims accrue
Section 40, The Banking Regulation Act, 1949 (Act 10 of 1949).
Questions about Section 40
What does Section 40 of the Banking Regulation Act deal with?
Section 40 of the Banking Regulation Act is headed "Stay of proceedings". Notwithstanding anything to the contrary contained in [section 466 of the Companies Act, 1956 (1 of 1956)], the [High Court] shall not make any order staying the proceedings in relation to the winding up of a banking company, unless the [High Court] is satisfied that an arrangement has been made whe
How do I find court cases under Section 40 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 40, section 40 Banking Regulation Act 1949, section 40 of the Banking Regulation Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When did Section 40 of the Banking Regulation Act come into force?
Section 40 of the Banking Regulation Act, cited as Banking Regulation Act 1949 40, 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
- 56. Act to apply to co-operative societies subject to modifications5544 words
- 45. Power of Reserve Bank to apply to Central Government for suspension of business by a banking company and to prepare scheme of reconstitution or amalgamation2310 words
- 10B. Banking company to be managed by whole time chairman1171 words
- 5. Interpretation1164 words
- 43A. Preferential payments to depositors1031 words
- 11. Requirement as to minimum paid-up capital and reserves988 words
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 22 Oct 2026. This page is not a substitute for legal advice.