1942 (2) TMI 11

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.... a depositor in the Ulipur Bank, Ltd., and obtained a decree against the latter in respect of his deposit money on 8th July, 1933. The Ulipur Bank which figures as the respondent in this appeal was in financial difficulties from some time past, and in or about April, 1933, it embarked upon a scheme of arrangement and compromise with its creditors under Section 153 of the Indian Companies Act. The application under that section was presented by the Bank to this Court on 10th April, 1933 ; and an order was made on 17th May, 1933, directing the convening of a meeting of the depositors of the said Bank. The meeting was held on 30th July, 1933, when the scheme was settled and it was finally sanctioned by this Court on 29th November, 1933. The sc....

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.... a large number of cases in receent years, and there is apparently a diversity of judicial opinion regarding it. In Barisal Loan Office, Ltd. v. Shasthi Charan Bhattacharjee [1935] 5 Comp. Cas. 362, it was held by Guha and Lodge, JJ., that the scheme of composition was applicable to all creditors including those who had already obtained decrees, and it was not necessary that there should be a separate meeting of the decree-holder creditors. This decision was affirmed by Mitter, J., in Serajganj Loan Office v. Nilkantha Lahiri [1935] 5 Comp. Cas. 364. On the other hand there are a number of cases where a different view has been taken and it has been held that depositors who obtained decrees against a banking company before any scheme was emb....