Bank Liquidation Oversight

The Calcutta High Court has issued comprehensive directions to expedite the liquidation of thirty-two banking companies that have remained under liquidation for decades. 

While recognising the Reserve Bank of India's statutory role under the Banking Regulation Act, 1949, the Court directed the Official Liquidator to complete the liquidation process within six months, submit periodic progress reports to the RBI and identify the assets, liabilities and records of the banking companies to facilitate closure of the long-pending proceedings.