Act Number: 53

Act Name: The National Housing Bank Act, 1987

Year: 1987

Enactment Date: 1987-12-23

Long Title: An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 33B: Power of National Housing Bank to file winding up petition.
    1[33B. Power of National Housing Bank to file winding up petition.--(1) The National Housing Bank, on being satisfied that a housing finance institution which is a company,--
         (a) is unable to pay its debt; or
         (b) has by virtue of the provisions of section 29A become disqualified to carry on the business of a housing finance institution; or
         (c) has been prohibited by 2[the National Housing Bank or the Reserve Bank] from receiving deposit by an order and such order has been in force for a period of not less than three months; or
         (d) the continuance of the housing finance institution is detrimental to the public interest or to the interest of depositors of the company, may file an application for winding up of such housing finance institution under the 3[Companies Act, 2013 (18 of 2013)].
     (2) A housing finance institution which is a company shall be deemed to be unable to pay its debt if it has refused or has failed to meet within five working days any lawful demand made at any of its offices or branches and the National Housing Bank certifies in writing that such company is unable to pay its debt.
     (3) A copy of every application made by the National Housing Bank under sub-section (1) shall be sent to 3[the Registrar of Companies and the Reserve Bank].
     (4) All the provisions of the 3[Companies Act, 2013 (18 of 2013)] relating to winding up of a company shall apply to a winding up proceeding initiated on the application made by the National Housing Bank under this provision.]
    
Notes:
1. Subs. by s. 162,ibid., for section 33A (w.e.f. 09-08-2019).
2. Subs. by Act 23 of 2019, s. 163, for “the National Housing Bank” (w.e.f. 09-08-2019).
3. Subs. by Act 13 of 2018, s. 171, for “Companies Act, 1956 (1 of 1956)” (w.e.f. 1-6-2018).

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