law: Banking Regulation Act, 1949
  39. Reserve Bank to be official liquidator
  (1) Notwithstanding anything contained in
  
  section 38A of this Act or in section 448 or section 449 of the Companies Act,
  
  1956 (1 of 1956), where in any proceeding for the winding up by the High Court
  
  of a banking company, an application is made by the Reserve Bank in this
  
  behalf, the Reserve Bank, the State Bank of India or any other bank notified by
  
  the Central Government in this behalf or any individual as stated in such
  
  application shall be appointed as the official liquidator of the banking
  
  company in such proceeding and the liquidator, if any, functioning in such
  
  proceeding shall vacate office upon such appointment.
  (2) Subject to such directions as may be made
  
  by the High Court, the remuneration of the official liquidator appointed under
  
  this section, the cost and expenses of his establishment and the cost and
  
  expenses of the winding up shall be met out of the assets of the banking
  
  company which is being wound up, and notwithstanding anything to the contrary
  
  contained in any other law for the time being in force, no fees shall be
  
  payable to the Central Government, out of the assets of the banking company.]