Section 45P of The Banking Regulation Act, 1957: Reserve Bank to tender advice in winding up proceedings.
Reserve Bank to tender advice in winding up proceedings. – Where in any proceeding for the winding up of a banking company in which any person other than the Reserve Bank has been appointed as the official liquidator and the High Court has directed the official liquidator to obtain the advice of the Reserve Bank on any matter (which it is hereby empowered to do), it shall be lawful for the Reserve Bank to examine the record of any such proceeding and tender such advice on the matter as it may think fit.
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