law: Banking Regulation Act, 1949
  44. Power of High Court in voluntary winding
  
  up
  (1) Notwithstanding anything to the contrary
  
  contained in section 484 of the Companies Act, 1956 (1 of 1956), no banking
  
  company may be voluntarily wound up unless the Reserve Bank certifies in
  
  writing that the company is able to pay in full all its debts to its creditors
  
  as they accrue.
  (2) The High Court, may, in any case where a
  
  banking company is being wound up voluntarily, make an order that the voluntary
  
  winding up shall continue, but subject to the supervision of the court.
  (3) Without prejudice to the provisions
  
  contained in sections 441 and 521 of the Companies Act, 1956 (1 of 1956), the
  
  High Court may of its own motion and shall on the application of the Reserve
  
  Bank, order the winding up of a banking company by the High Court in any of the
  
  following cases, namely:
  (a) where the banking
  
  company is being wound up voluntarily and at any stage during the voluntary
  
  winding up proceedings the company is not able to meet its debts as they
  
  accrue; or
  (b) where the banking
  
  company is being wound up voluntarily or is being wound up subject to the
  
  supervision of the court and the High Court is satisfied that the voluntary
  
  winding up or winding up subject to the supervision of the court cannot be
  
  continued without detriment to the interests of the depositors.]