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1952 (7) TMI 7
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.... This is an appeal against a decision of Harnam Singh J. holding that the petitioners were not preferential creditors of the bank. The petitioner firm on 2nd February, 1949, deposited two sums of money, namely Rs. 1,500 and Rs. 700 with the Ambala Commercial Bank, Limited. Two receipts were issued. Exhibits C-1 and C-2, which are identical in wording, and one of them may be given in extenso: ....
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....dian Companies Act for being accepted as preferential claimants to the extent of these two sums of money. Harnam Singh J. by his judgment dated 4th May, 1951, held against the petitioners and they have come up in appeal under the Letters Patent. Mr. Thapar for the appellants submits that he is entitled to claim priority on the ground that the money was deposited for a specific purpose. He relie....