After the license cancellation, the RBI had filed an application for PPBL's winding up before the High Court. The court has now ordered that PPBL be wound up under provisions of both the Banking Regulation Act, 1949 and Companies Act, 2013. The RBI said in a statement on Tuesday, "The Hon'ble High Court of Delhi has ordered that PPBL be wound up under the provisions of the Banking Regulation Act, 1949 read with the provisions of the Companies Act, 2013."