9911796707
TMI Blog1956 (11) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... nies Act (X of 1949) on the 18th of April, 1956, and when it came before me on the 25th of April and the question of appointing a provisional liquidator arose, Mr. D.K. Mahajan, who filed the petition on behalf of the Reserve Bank, suggested the name of Mr. Bhagirath Das, apparently acting under instructions, and I accordingly appointed Mr. Bhagirath Das as provisional liquidator by my order of that date, in which the usual notice and citations were ordered to be issued for the 25th of May, 1956. On the date fixed I ordered that the bank should be wound up, this being mandatory under the provisions of section 38(1) of the Banking Companies Act when the Reserve Bank files a petition. I also appointed Mr. Bhagirath Das as official liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt could be made liquidator of this bank. It may be mentioned here that since my order appointing Mr. Bhagirath Das as official liquidator was passed, there has been a change in that Mr. Ranjit Rai's appointment as part time official liquidator for this court has been superseded by an order appointing Mr. Parkash Chand Mahajan, Advocate, as whole time official liquidator. It may also be mentioned that by Act 52 of 1953 a new section 38A has been added to the Banking Companies Act of 1949. This reads: 38 A. Court liquidator. (1) There shall be .attached to every High Court a court liquidator to be appointed by the Central Government for the purpose of conducting all proceedings for the winding up of banking companies and performing su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... positors of the banking company, it may direct the person appointed as the official liquidator to continue to act as such. (4) Where having regard to the number of banking companies wound up and other circumstances of the case, the Central Government is of opinion that it is not necessary or expedient to attach for the time being a court liquidator to a High Court, it may, from time to time, by notification in the official Gazette, direct that this section shall not have effect in relation to that High Court." This is followed by consequential amendment to section 39 which now reads: "39. Reserve Bank to be official liquidator. Notwithstanding anything contained in section 38A of this Act or in section 175 of the Indian Companies Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nking Companies Act of 1949, and the argument that the new Companies Act, being a later Act than the Banking Companies Act, must be deemed to have superseded it where provisions are inconsistent, has been met by pointing out that in section 616 of the Companies Act it is provided that "the provisions of this Act shall apply . ( b ) to banking companies, except in so far as the said provisions are inconsistent with the provisions of the Banking Companies Act of 1949." In the circumstances I am of the opinion that the general provisions of the Banking Companies Act of 1949, as amended by the Act of 1953, clearly indicate that the winding up of banking companies is to be treated as something separate from the winding up of other classes of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
