https://www.taxtmi.com/caselaws?id=97143 Section 38(1) of the Banking Companies Act, 1949 was analysed as a winding-up provision that did not expressly exclude the court's power under section 153 of the Indian Companies Act, 1913 to sanction a scheme of arrangement for a banking company unable to pay its debts. The text states that the Banking Companies Act was enacted in addition to, and not in derogation of, the Indian Companies Act, and that the repeal provisions only displaced Part X-A of the earlier Act. It further notes that section 45 of the Banking Companies Act itself contemplates court-sanctioned compromises or arrangements with Reserve Bank certification. On that basis, the two enactments were treated as consistent and the court's arrangement power as remaining available. en-us Tue, 16 Oct 1951 00:00:00 +0530 Sat, 14 Jan 2012 11:59:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97143 Section 38(1) of the Banking Companies Act, 1949 was analysed as a winding-up provision that did not expressly exclude the court's power under section 153 of the Indian Companies Act, 1913 to sanction a scheme of arrangement for a banking company unable to pay its debts. The text states that the Banking Companies Act was enacted in addition to, and not in derogation of, the Indian Companies Act, and that the repeal provisions only displaced Part X-A of the earlier Act. It further notes that section 45 of the Banking Companies Act itself contemplates court-sanctioned compromises or arrangements with Reserve Bank certification. On that basis, the two enactments were treated as consistent and the court's arrangement power as remaining available. Case-Laws Companies Law Tue, 16 Oct 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97143