Reserve Bank as Liquidator :

If Reserve Bank of India applies to the High Court, the Reserve Bank, State Bank or any other bank as notified by the Central Government or an individual may also be appointed as the official liquidator. Within the stipulated time, the liquidator is required to make a preliminary report regarding the availability of the assets to make preferential payments as per the provisions of the Companies Act and for discharging liabilities to depositors and other creditors. Within the stipulated time, the liquidator is required to give notice calling for claims for preferential payment and other claims from every secured and unsecured creditors. However, depositors need not make claims. The claims of every depositor of a banking company is deemed to have been filed for the amount as reflected in the books of the banking standing in his/her credit.

Voluntary Winding Up:

Voluntary winding up would be permitted only when the Reserve Bank has certified that the banking company will not be able to pay in full all its debts as they accrue.