Section 2 of BTCATUA : Section 2: Definitions

Explanation using Example

Let's consider a hypothetical scenario where a large Indian bank named "Prosper Bank" has been nationalized under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. Here's how Section 2 of the Act would be applied:

• Prosper Bank, as a nationalized entity, would now be referred to as a "corresponding new bank" as per the Act, and it would be listed in the First Schedule of the Act against its former identity.
• Since Prosper Bank is an Indian company and not a foreign entity, it is considered a ...

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