VASSAN BROS Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This appeal is filed by five persons as creditors of the Associated Banking Corporation of India Ltd. (in liquidation) which will, hereinafter be referred to as the Bank. There is also a reference made by the District Judge of Anjikaimal for directions.

(2.) The Bank is a public limited company formed, as the name indicates, for the purpose of carrying on the business of banking. Its registered office was and is within the jurisdiction of the Bombay High Court. It had a Branch at Mattancherry in the erstwhile State of Cochin. The Bank commenced business in July 1942 and the Branch at Mattancherry was opened in September 1945. 10 more branches were established at other places.

(3.) The Bank had a bright beginning. As ill fate would have it, this initial prosperity was short lived. On 18th March 1947, a creditor of the Bank filed a petition in the High Court of Bombay, I.C. No. 28/1947 for the winding up of the Bank by court and in April 1947 on the application of the petitioner, a provisional liquidator was appointed. The said application appears to have been allowed by the Bombay High Court and the Bank has been ordered to be wound up and the Official Liquidator of the Bombay High Court has been appointed as the liquidator, who is respondent 1 in this appeal.