BANK OF COMMERCE LTD Vs. ARUN KUMAR CHOWDHURY

JUDGEMENT

(1.) This is an application by the Official Receiver of this Court as official liquidator of Bank of Commerce Ltd. (In Liquidation) (hereinafter referred to as the bank) under Section 45B of the Banking Companies Act 1949, for determination of the rights of the bank and of the respondents Nos. 1, 2 and 3 to the sum of Rs. 1,00,000/- lying to the credit of the Court, in title suit No. 36 of 1954, in the court of the 4th Subordinate Judge at Alipore, for an order that the Joint Receivers appointed by this Court in Suit No. 289 of 1959 (Bank of Commerce Ltd. (In Liquidation) v. Sailendranath Sinha and another) be allowed to withdraw the sum of Rs. 1,00,000/- and make over the same to the petitioner, for an injunction restraining the respondent No. 1 from interfering in the matter of realisation and/or withdrawal or payment of the same to the petitioner and for costs.

(2.) The petitioner had filed a suit in this Court being Suit No. 289 of 1959 (Bank of Commerce Ltd. (in Liquidation) v. Sailendra Nath Sinha and another) claiming a declaration that an alleged assignment dated March 18, 1958, made by the respondent No. 2 in this application, was a sham and fictitious transaction and the same was invalid and void. In this suit a decree was passed by consent on August 30, 1963, upon leave being granted to the liquidator to enter into the compromise. By the said decree two solicitors of this Court Sambhunath Ghose and Asoke Kumar Dutt were appointed Joint Receivers and were directed to apply for withdrawal of a sum of Rs. 1,00,000/- out of the money lying to the credit of the court of the 4th Subordinate Judge at Alipur, in Title Suit No. 36 of 1954.

(3.) Pursuant to the direction given to the Joint Receivers under the said decree of this Court dated August 30, 1963, the Joint Receivers applied before the 4th Subordinate Judge at Alipore, in Title Suit No. 36 of 1954, for withdrawal of the said sum out of the money lying to the credit of the said court. The Subordinate Judge directed notice of the application to the parties in the Title Suit No. 36 of 1954. The respondent No. 1 in this application appeared in the said application by the Joint Receivers and filed a petition of objection, objecting to the withdrawal of money by the Joint Receivers, pursuant to and in terms of the said decree of this Court. The ground of objection of the respondent No. 1 was that, the money lying to the credit of the court of the Subordinate Judge was deposited to protect the claim of the respondent No. 1 against the respondent No. 2, if a decree was passed in favour of the respondent No. 1 against the respondent No. 2, in the said Title Suit No. 36 of 1954.