(1.) This application has been taken out by Bank of Tokyo Limited against Soorajmull Nagarmull, a firm, being defendant No. 1 and the other defendants as the partners of the said firm,
(2.) The facts of this case shortly are that the defendant No. 1 had pledged with the plaintiff's Bank 90,000 stock of Bombay Gas. Company contained in Stock Certificate No. 235; 15,000 shares in Asiatic Textiles Company Limited; 6,000 shares in Coochbehar Trading Company Private Limited; 4,500 in the Haldibari Jute Company Private Limited; 7,200/- in Rajasthan Investment Company Private Limited; & 7,008 in Oriental Trading Company Private Limited. A suit for dissolution of partnership was filed in this High Court being Suit No. 1886 of 1963 on 22nd of October, 1963 and an ad interim order was passed restraining the parties from transferring, selling or dealing with the said shares save and except in the usual course of business. On May 4, 1967 the said order was confirmed. Thereafter in July, 1970 another suit was filed being Suit No. 290 of 1970 for a declaration that the firm, Soorajmull Nagarmull stood dissolved and for accounts. On March 13, 1971 the plaintiff Bank filed against the defendants a suit for recovery of a sum of Rs. 38,78,552.58 and also for a declaration that the stocks and shares mentioned in the letter dated 31st of August, stood charged in favour of the bank and for sale of the said shares and other consequential reliefs. In the said suit on March 15, 1971 Joint Receivers were appointed of the stocks and shares charged and pledged by the defendants, In the meantime by a deed of hypothecation executed by the munim and gomesta of the said firm on 7-9-77 and 14-9-77, hypothecation of Script No. 235 was made in favour of Sri Sudhir Jallan, son of Keshardeo Jalan, a deceased partner of Soorajmull Nagarmull, who instituted a suit being suit No. 171 of 1978 in the High Court at Delhi against the defendant No. 1 and others praying for a declaration that the stocks of the value of 20,518 of Bombay Gas Company Limited contained in the said stock Certificate No. 235 stood charged in favour of the trust by way of first charge and stock of the value of 90,000 comprised in the said stock certificate No. 235 are charged In favour of the said trust subject to prior charge of the Bank of Tokyo. In the said suit Sudhir Jalan also asked for splitting up of the said stock Certificate No. 235 and for transfer to the plaintiff of the said stock of the face value of 20,518; but no relief for money decree was claimed in the said suit.
(3.) Smt. Radha Debi Jalan instituted a suit against the defendant No. 1, the Bombay Gas Company Limited and Rajasthan Investment Private Limited in the High Court at Bombay being Suit No. 295 of 1978, inter alia, for spliting up of the said stock Certificate No. 234 of Bombay Gas Company and for delivery of the face value of 50,450 and for transfer of 7,200 shares of Rajasthan Investment Private Limited in favour of the plaintiff and for other reliefs. The said stock and shares were hypothecated in favour of the plaintiff in terms of a deed of hypothecation dated 7th of September, 1977.