Section 45D of BRA : Section 45D: Settlement Of List Of Debtors

BRA

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Explanation using Example

Imagine a scenario where "Fast Finance Bank" has gone into liquidation due to financial difficulties. The High Court is overseeing the winding-up process. As per Section 45D of the Banking Regulation Act, 1949, the official liquidator prepares a list of all the debtors who owe money to the bank and submits it to the High Court within six months of the winding-up order.

One of the debtors, "XYZ Enterprises", owes a substantial amount to the bank. The High Court issues a notice to XYZ Enterprises to appear in court. After revie...

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