TMI Blog1997 (3) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... ated March 20, 1997, in Letters Patent Appeals Nos. 57 and 56 of 1997, are banking companies governed by the Banking Regulation Act, 1949 (hereinafter referred to as the Act ). On September 30, 1996, the Central Government, in exercise of its power under Section 45(2) of the Act, made orders of moratorium in respect of the petitioner-banks. 2. The writ petitions filed by the petitioners in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the petitioners in these petitions is that the draft scheme was forwarded by the Reserve Bank of India to the petitioner-banks on March 6, 1997, and that objections to the draft scheme as well as the order dated September 30, 1996, for moratorium have been submitted on March 20, 1997. The submission further is that since the order of moratorium under Section 45(2) of the Act was passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he comments that are made by the Reserve Bank of India on the said objections and that the apprehension of the petitioners that the said objections will not be considered by the Central Government is unfounded. In view of the said submission urged on behalf of the respondents, we are of the opinion that no fault can be found in the matter of post-decisional hearing in respect of the order of morat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to the aforementioned submission that has been made by learned Counsel for the petitioners about their being allowed to continue as non-banking companies after they have paid off the dues of all depositors and creditors. In case the Central Government has not passed an order under Section 45(7) so far they will give due consideration of the said submission of the petitioners and, if they have al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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