ORDER :- By this application brought under S. 38(3)(b)(iii) of the Banking Companies Act, 1949, the Reserve Bank of India seeks the winding up of a banking company called the Palai Central Bank Ltd. The application is opposed by the company and by sixty-six creditors, some of them contributors, the debts due to whom, it is said, amount to about Rs. 70 lakhs out of a total outside liability of about Rs. 860 lakhs. Five creditors to whom, according to their claims about Rs. 2 lakhs is due have appeared to support, or seemingly to support, the application.

2. The company and some of its creditors have applied under S. 391 of the Companies Act, 1956 for considering schemes of reconstruction and the company has also applied for a stay of the present proceedings pending disposal of these applications. In view of S. 44B of the Banking Companies Act, I have had the schemes examined by the Reserve Bank (in a rather summary way it is true) and it not appearing from the report of the Reserve Bank that any of them is prima facie certifiable under that section, I have not thought it worth while to give further thought to the matter at this stage. 3. The pleadings joined issues of fact as also of

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