1[45M. Special provisions for banking companies working under schemes of arrangement at the
commencement of the Amendment Act.—Where any compromise or arrangement sanctioned in
respect of a banking company under 2[section 391 of the Companies Act, 1956 (1 of 1956),] is being
worked at the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953), the
High Court may, if it so thinks fit on the application of such banking company,—
(a) excuse any delay in carrying out any of the provisions of the compromise or arrangement; or
(b) allow the banking company to settle the list of its debtors in accordance with the provisions of
section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the
banking company as they apply to a banking company which is being wound up as if the order
sanctioning the compromise or arrangement were an order for the winding up of the banking company.]
1. Subs. by Act 52 of 1953, s. 10, for Part IIIA (w.e.f. 30-12-1953).
2. Subs. by Act 95 of 1956, s. 14 and the Schedule, for "section 153 of the Indian Companies Act, 1913 (7 of 1913)"
(w.e.f. 14-1-1957).