Scheme binding only on its class cannot extend to a decree-holder whose interests no longer align with depositors.

A scheme approved under section 153 of the Companies Act bound only the class of creditors or persons who framed it, and could not be extended without statutory warrant to a decree-holder whose position had changed from depositor to judgment-creditor. Because the petitioner's interest was distinct from and adverse to that of the depositors, she was not bound by the scheme, and the objection under section 47 of the Code of Civil Procedure failed.

---

---

Issues: Whether a scheme approved under section 153 of the Companies Act bound a decree-holder who had ceased to be a depositor, so as to sustain an objection under section 47 of the Code of Civil Procedure.

Analysis: The objection rested on the footing that the petitioner was bound by the depositors' scheme approved under section 153 of the Companies Act. The Court held that the sub-section bound only the class of creditors who framed the scheme. The petitioner, having already obtained a decree, was no longer a depositor but a judgment-creditor, and her interest was distinct from and adverse to that of the depositors. A scheme made by one class in its own interest could not be extended to persons outside that class merely because they had earlier been depositors. On that footing, the order upholding the objection under section 47 could not stand.

Conclusion: The petitioner was not bound by the scheme, and the objection under section 47 failed.

Ratio Decidendi: A scheme under section 153 of the Companies Act binds only the creditors or persons comprising the class by whom it is framed and cannot, without statutory warrant, be imposed on a decree-holder whose position has changed and whose interests are no longer aligned with that class.

---