Extension of deposit insurance Scheme to co-operative Bank

Notwithstanding anything contained in this Act, in the case of an insured Co-operative Bank. (i) an order for winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction (including division or re-organization) of the bank may be made only with the previous sanction in writing of the Reserve Bank of India ; (ii) an order for the winding up of the Bank shall be made by the Registrar if so required by the Reserve Bank of India in the circumstances referred to in section 13D (1) of the Deposit Insurance Corporation Act, 1961. (iii) if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made for the supersession (removal) or the committee of management or other managing body (by whatever name called) of the bank and the appointment of an Administrator therefore for such period or periods, not exceeding five years in the aggregate, as may from time to time be specified by the Reserve Bank of India, and the administrator so appointed shall, after the expiry of his term of office, continue in office until the day immediately preceding the date of the first meeting of the new Committee. (iv) no appeal, revision or review shall lie or be permissible against an order such as is referred to in clause (i), (ii) or (iii) made with the previous sanction in writing or on the requisition of the Reserve Bank of India and such order or sanction shall not be liable to be called in question in any manner ;