41.
Preliminary report by official liquidator. —Notwithstanding
anything to for the contrary contained in section 455 of the
Companies Act, 1956 (1 of 1956), where a winding up order
has been made in respect of a banking company whether before
or after the commencement of the Banking Companies (Second
Amendment) Act, 1960 (37 of 1960), the official liquidator
shall submit a preliminary report to the High Court within
two months from the date of the winding up order or where
the winding up order has been made before such commencement,
within two months from such commencement, giving the information
required by that section so far as it is available to him
and also stating the amount of assets of the banking company
in cash which are in his custody or under his control on the
date of the report and the amount of its assets which are
likely to be collected in cash before the expiry of that period
of two months in order that such assets may be applied speedily
towards the making of preferential payments under section
530 of the Companies Act, 1956, and in the discharge, as far
as possible, of the liabilities and obligations of the banking
company to its depositors and other creditors in accordance
with the provisions hereinafter contained; and the official
liquidator shall make for the purposes aforesaid every endeavour
to collect in cash as such of the assets of the banking company
as practicable.
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