Banking Regulation Act, 1949 · Section guide
Section 45S: Magistrate to assist official liquidator in taking charge of property
Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026
Section 45S — Magistrate to assist official liquidator in taking charge of property. Requires the specified Magistrate to assist the official liquidator in taking. Charge of property, books and effects of the banking company; court/administrative assistance replaces self-help recovery.
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
Requires the specified Magistrate to assist the official liquidator in taking charge of property, books and effects of the banking company.
Condition / limitation
court/administrative assistance replaces self-help recovery.
Source and effective-date control
Apply the wording of Section 45S that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.
Professional application
Specify magistrate assistance, application requirements and taking possession of bank property.
Evidence / working-paper checklist
- Section 45S evidence: High Court/Central Government/RBI order initiating the process.
- Section 45S evidence: liquidator/scheme records and creditor/debtor lists.
- Section 45S evidence: service/publication and statutory-timeline evidence.
- Section 45S 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 45S, avoid applying ordinary Companies Act procedure without the banking-specific override.
- For Section 45S, avoid missing the special limitation or accelerated filing period.
- For Section 45S, avoid treating a private scheme as effective before the statutory sanction/order.
Related sections inside the Act
Use these links to read Section 45S 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 45S 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 45S 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.