Judgment

BEG, C.J.I. :- The Official Liquidator attached to the High Court of Rajasthan, in-charge of the liquidation of Golcha Properties (Pvt.) Ltd., (hereinafter referred to as Golcha Company), has come up in appeal to this Court by special leave against a judgment and order of a Division Bench of that High Court, passed on a Special Appeal From the judgment and order of a singly Judge of that Court. On petitions presented on 4th July 1966 and 30th July 1966 by the creditors of Golcha Company, the High court had made a compulsory winding up order on 10th May 1968; and, on that very date, the appellant was appointed liquidator of the Golcha Company. The Dharti Dhan (Pvt. Ltd., (hereinafter referred to as the Dhan Company), with its registered office at Bombay, was said to be one of the debtors of the Golcha Company to the extent of Rupees 11,69,043/-, together with interest and commission which was said to be still due on 1st August 1969. Agreements dated 25-6-66 and 17-1-67 between the two companies regulated the method of repayment by annual instalments of Rs. 2,50,000/- according to the appellant. As the respondent, Dhan Company, is said to have defaulted in the payment of two