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Calcutta HC Sets Strict 6-Month Deadline to Conclude Liquidation of 32 Banking Companies
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Calcutta HC Sets Strict 6-Month Deadline to Conclude Liquidation of 32 Banking Companies
In a major step to resolve long-standing legacy litigations, the Calcutta High Court has directed the Official Liquidator to wind up 32 banking firms finally within a limited time frame of six months following an application moved by the Reserve Bank of India (RBI). The RBI approached the Court under Section 39 of the Banking Regulation Act, 1949, to finalise the liquidation process of 32 banking entities which were formally directed to be liqui…
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