Section 45O of The Banking Regulation Act, 1956:
Special period of limitation.
Special period of limitation. – (1) Notwithstanding anything to the contrary contained in the [Indian Limitation Act, 1908 (9 of 1908)] or in any other law for the time being in force, in computing the period of limitation prescribed for a suit or application by a banking company which is being wound up, the period commencing from the date of the presentation of the petition for the winding up of the banking company shall be excluded.
(2) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (9 of 1908) or [section 543 of the Companies Act, 1956 (1 of 1956)] or in any other law for the time being in force, there shall be no period of limitation for the recovery of arrears of calls from any director of a banking company which is being wound up or for the enforcement by the banking company against any of its directors of any claim based on a contract, express or implied; and in respect of all other claims by the banking company against its directors, the period of limitation shall be twelve years from the date of the accrual of such claims [or five years from the date of the first appointment of the liquidator, whichever is longer].
(3) The provisions of this section, insofar as they relate to banking companies being wound up, shall also apply to a banking company in respect of which a petition for the winding up has been presented before the commencement of the Banking Companies (Amendment) Act, 1953 (52 of 1953).
Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.
After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.
During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.
We at Verma Law Associates handles all the cases pertaining to:
- Criminal Law
- Banking Law/DRT (Debt Recovery Tribunal)
- Civil Law
- Family Disputes
- Consumer Laws
- Service Law/Service Matters
- Company Law/NCLT (National Company Law Tribunal)
- Motor Accident Claims
- Property Law
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Punjab & Haryana High Court Chandigarh, DRT Chandigarh