Banking Regulation Act, 1949 · Chapter III: Suspension of Business and Winding Up of Banking Companies
Section 42: Power to dispense with meetings of creditors, etc
Notwithstanding anything to the contrary contained in [ [section 460] of the Companies Act, 1956 (1 of 1956)], the [High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories *** if it considers that no object will be secured thereby sufficient to justify the delay and expense.
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 42
No Supreme Court judgment in our database cites this section yet.