Central Bank Act, 1989.

Power of Court to prohibit failure to comply with requirement or condition under Chapter VII .

95.—(1) Where, on an application made in a summary manner by the Bank, the Court is of the opinion that there has occurred or is occurring a failure by a financial institution or institutions to comply with a requirement or condition imposed by virtue of section 92 or with a direction under section 94 , the Court may, by order, prohibit the continuance of the failure by the institution or institutions concerned.

(2) The Court when considering the matter may make such interim or interlocutory order as it considers appropriate.

(3) Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be heard otherwise than in public.

(4) In this section “the Court” means the High Court.