Banking Regulation Act, 1949 · Section guide
Section 45L: Public examination under schemes of arrangement
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 45L — Public examination under schemes of arrangement. Extends public-examination machinery to directors/auditors and other persons where a bank operates under a scheme. Of arrangement; the examination focuses on affairs relevant to the scheme and creditor protection.
Official statute linkedProvision-specific anatomyPractical case + evidence file
Statutory structure and provision map
This map is a provision-specific explanation, not a substitute for the exact statutory text.
Core statutory rule
Extends public-examination machinery to directors/auditors and other persons where a bank operates under a scheme of arrangement.
Condition / limitation
the examination focuses on affairs relevant to the scheme and creditor protection.
Source and effective-date control
Apply the wording of Section 45L that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.
Professional application
State how public examination applies to arrangement schemes and its exact conditions.
Evidence / working-paper checklist
- Section 45L evidence: High Court/Central Government/RBI order initiating the process.
- Section 45L evidence: liquidator/scheme records and creditor/debtor lists.
- Section 45L evidence: service/publication and statutory-timeline evidence.
- Section 45L 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 45L, avoid applying ordinary Companies Act procedure without the banking-specific override.
- For Section 45L, avoid missing the special limitation or accelerated filing period.
- For Section 45L, avoid treating a private scheme as effective before the statutory sanction/order.
Related sections inside the Act
Use these links to read Section 45L 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 45L 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 45L on the event date.
Primary official sources
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.