Banking Regulation Act, 1949 · Section guide
Section 45M: Special provisions for banking companies working under schemes of arrangement
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 45M — Special provisions for banking companies working under schemes of arrangement. Preserves/specially regulates banking companies already working under schemes of arrangement at the commencement of the relevant amendment; it is transitional and should be applied only to the historical class it covers.
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
Preserves/specially regulates banking companies already working under schemes of arrangement at the commencement of the relevant amendment.
Condition / limitation
it is transitional and should be applied only to the historical class it covers.
Source and effective-date control
Apply the wording of Section 45M that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.
Professional application
Map which special winding-up provisions extend to scheme banks and how references are adapted.
Evidence / working-paper checklist
- Section 45M evidence: High Court/Central Government/RBI order initiating the process.
- Section 45M evidence: liquidator/scheme records and creditor/debtor lists.
- Section 45M evidence: service/publication and statutory-timeline evidence.
- Section 45M 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 45M, avoid applying ordinary Companies Act procedure without the banking-specific override.
- For Section 45M, avoid missing the special limitation or accelerated filing period.
- For Section 45M, avoid treating a private scheme as effective before the statutory sanction/order.
Related sections inside the Act
Use these links to read Section 45M 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 45M 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 45M 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.