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1942 (2) TMI 20

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....fficulties 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, 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 scheme provided inter alia that "the creditors of the Bank shall not be entitled to demand payment of their dues at once except in terms of the scheme which shall remain in force for a period of ten years." 2. After certain....

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.... JJ. that the scheme of composition was applicable to all creditor a, 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 ('35) 22 A.I.R. 1935 Cal. 777. 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 embarked upon by the latter, ceased to be depositors and became decree-holders. They would constitute a separate class from ordinary depositors and it was necessary that there should be a separate meeting of such creditors....