9911796707
TMI Blog1962 (6) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... He contends that no appeal as competent in view of section 45N of that Act. Sub-section (1) of section 45N provides that an appeal shall lie from any order or decision of the High Court in a civil proceeding under the Act when the amount or value of the subject-matter of the claim exceeds five thousand rupees. Sub-section (3) of section 45N says that subject to the provisions of sub-section (1) and sub-section (2) we are not concerned with sub-section (2) and notwithstanding anything contained in any other law for the time being in force, "every order-or decision of the High Court shall be final and binding for all purposes as between the banking company on the one hand, and all persons who are parties thereto and all persons claiming t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 483 of the Companies Act, 1956, says: "483. Appeals from any order made, or decision given, in the matter of the winding up of a company by the court shall lie to the same court to which, in the same manner in which, and subject to the same conditions under which, appeals lie from any order or decision of the court in cases within its ordinary jurisdiction." Sections 45A to 45X form Part IIIA of the Banking Companies Act, 1949. Section 45A reads as follows: "45A. The provisions of this Part and the rules made thereunder shall have effect notwithstanding anything inconsistent therewith contained in the Companies Act, 1956, or the Code of Civil Procedure, 1908, or the Code of Criminal Procedure, 1898, or any other law for the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y on the one hand, and all persons who are parties thereto and all persons claiming through or under them or any of them, on the other hand. This will clearly show that the section has nothing to do with matters like the direction for a public examination under section 45G of the Banking Companies Act, 1949. A.N. Aiyar's commentary to section 45N of the Banking Companies Act, 1949, says that when we read sub-sections (1) and (3) together it becomes apparent that the scope of those sub-sections is not general but is restricted to cases ( a ) where there is a claim, the subject-matter of which can be valued in terms of money, ( b ) the company is one party to the claim and ( c ) there are other persons against whom the claim is made or wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
