(1)  The Bank, on being satisfied that a non-banking financial company--

   (a)  is unable to pay its debt; or

   (b)  has by virtue of the provisions of section 45-IA become disqualified to carry on the business of a non-banking financial institution; or

   (c)  has been prohibited by the 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 non-banking financial company is detrimental to the public interest or to the interest of depositors of the company,

may file an application for winding up of such non-banking financial company under the Companies Act, 1956 (1 of 1956).

   (2)  A non-banking financial 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 to its offices or branches and the Bank certifies in writing that such company is unable to pay its debt.

   (3)  A copy of every application made by the Bank under sub-section (1) shall be sent to the Registrar of Companies.

   (4)  All the provisions of the Companies Act, 1956 (1 of 1956) relating to winding up of a company shall apply to a winding up proceeding initiated on the application made by the Bank under this provision.]