Notwithstanding anything to the contrary contained in 1[ 2[section 460] of the Companies Act, 1956 (1 of 1956)], the 3[High Court] may, in the proceedings for winding up a banking company, dispense with any meetings of creditors or contributories 4*** if it considers that no object will be secured thereby sufficient to justify the delay and expense.
Source footnotes
1. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "sections 178A and 183 of the Indian Companies Act 1913 (7 of 1913)" (w.e.f. 14-1-1957).2. Subs. by Act 1 of 1984, s. 33, for "sections 460, 464, and 465" (w.e.f. 15-2-1984).
3. Subs. by Act 52 of 1953, s. 4, for "Court" (w.e.f. 30-12-1953).
4. The words "or with the appointment of a committee of inspection" omitted by Act 1 of 1984, s. 33 (w.e.f. 15-2-1984).
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Application of other laws not barred.Section 3 · Act not to apply to certain co-operative societies.Section 4 · Power to suspend operation of Act.Section 5 · Interpretation.Section 5A · Act to override memorandum, articles, etc.Section 6 · Form of business in which banking companies may engage.Section 7 · Use of words "bank", "banker", "banking" or "banking company".India Code, Government of India. Text fetched 15 Oct 2026. Source metadata reports last modification: 2026-01-06. Check the linked official text and subsequent notifications when applying a provision.