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Home › Indian Laws › Banking Regulation Act, 1949 › Section 45D
Banking Regulation Act, 1949 · Section guide

Section 45D: Settlement of list of debtors

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45D — Settlement of list of debtors. Allows the High Court to settle a debtor list; the official liquidator normally files lists within. Six months of the relevant trigger, subject to leave; the court may order payment, relief against guarantors/security, and a person absent for sufficient cause. May seek variation within 30 days.

Official statute linkedProvision-specific anatomyPractical case + evidence file
Official text: DFS consolidated Act

Statutory structure and provision map

This map is a provision-specific explanation, not a substitute for the exact statutory text.

Core statutory rule

Allows the High Court to settle a debtor list.

Condition / limitation

the official liquidator normally files lists within six months of the relevant trigger, subject to leave.

Timing / amount / process

Condition / limitationthe court may order payment, relief against guarantors/security, and a person absent for sufficient cause may seek variation within 30 days.

Professional application

Keep statutory time anchors but provide the debtor-list process, notice/objections, determination and Fourth Schedule aid.

Working flow

Identify the bank/entity class, event date and the factual trigger for Settlement of list of debtors.
Apply the core Section 45D rule: Allows the High Court to settle a debtor list.
Test the next condition or limitation: the official liquidator normally files lists within six months of the relevant trigger, subject to leave.
Reconcile any amount, period, approval, filing or return mentioned in Section 45D with the supporting record.
Record the conclusion, official source used, effective date and evidence that proves the statutory condition was met or not met.

Evidence / working-paper checklist

  • Section 45D evidence: High Court/Central Government/RBI order initiating the process.
  • Section 45D evidence: liquidator/scheme records and creditor/debtor lists.
  • Section 45D evidence: service/publication and statutory-timeline evidence.
  • Section 45D evidence: orders settling claims, calls, transfers, moratorium or amalgamation.

Retain the event date and source version with the file so the conclusion remains reproducible after later amendments.

Common mistakes to avoid

  • For Section 45D, avoid applying ordinary Companies Act procedure without the banking-specific override.
  • For Section 45D, avoid missing the special limitation or accelerated filing period.
  • For Section 45D, avoid treating a private scheme as effective before the statutory sanction/order.

Related sections inside the Act

Section 45B — High Court power to decide all claims in respect of banking companiesSection 45C — Transfer of pending proceedingsSection 45E — Special provisions to make calls on contributoriesSection 45N — AppealsSection 45F — Documents of banking company to be evidence

Use these links to read Section 45D in its statutory sequence, especially where the provision imports definitions, approvals, appeals, penalties or winding-up consequences from neighbouring sections.

Current-law source control

Source control: Section 45D is anchored to the official DFS consolidated text; later changes require separate Gazette verification.

Dated matters: verify any later Gazette, RBI direction or binding judgment affecting Section 45D on the event date.

Disclaimer

This Finin2min page is an educational and professional reference. Banking regulation is fact-, entity- and date-sensitive. Verify the current Act, Gazette amendments and commencement notifications, applicable RBI Rules/directions and the transaction record before acting or filing.