law: Banking Regulation Act, 1949
  41. Preliminary report by official liquidator
  Notwithstanding anything to the contrary
  
  contained in section 455 of the Companies Act, 1956 (1 of 1956), where a
  
  winding up order has been made in respect of a banking company whether before
  
  or after the commencement of the Banking Companies (Second Amendment) Act, 1960
  
  (37 of 1960), the official liquidator shall submit a preliminary report to the
  
  High Court within two months from the date of the winding up order or where the
  
  winding up order has been made before such commencement, within two months from
  
  such commencement, giving the information required by that section so far as it
  
  is available to him and also stating the amount of assets of the banking
  
  company in cash which are in his custody or under his control on the date of
  
  the report and the amount of its assets which are likely to be collected in
  
  cash before the expiry of that period of two month s in order that such assets
  
  may be applied speedily towards the making of preferential payments, under
  
  section 530 of the companies Act, 1956, and in the discharge, as far as
  
  possible, of the liabilities and obligations of the banking company to its
  
  depositors and other creditors in accordance with the provisions hereinafter
  
  contained; and the official liquidator shall make for the purposes aforesaid
  
  every endeavor to collect in cash as much of the assets of the banking company
  
  as practicable.