45MC. Power of Bank
to file winding up petition.- (1) The Bank, on being
satisfied that a non-banking financial company,–
(a) is unable to pay its debt; or
(b) has by virtue of the provisions of section 45-IA become
disqualified to carry on the business of a non-banking financial
institution; or
(c) has been prohibited by the Bank from receiving deposit
by an order and such order has been in force for a period
of not less than three months; or
(d) the continuance of the non-banking financial company
is detrimental to the public interest or to the interest of
the depositors of the company, may file an application for
winding up of such non-banking financial company under the
Companies Act, 1956.
(2) A non-banking financial company shall be deemed to be
unable to pay its debt if it has refused or has failed to
meet within five working days any lawful demand made at any
of its offices or branches and the Bank certifies in writing
that such company is unable to pay its debt.
(3) A copy of every application made by the Bank under sub-section
(1) shall be sent to the Registrar of Companies.
(4) All the provisions of the Companies Act, 1956 relating
to winding up of a company shall apply to a winding up proceeding
initiated on the application made by the Bank under this provision.
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