JUDGMENT

PATHAK, J. :— This appeal, by special leave, is directed against an order of a Division Bench of the Calcutta High Court substantially confirming an order of a learned single Judge of that Court on a receivership application in a pending suit.

2. The thirteenth respondent, the Punjab National Bank (hereinafter referred to as the Bank) instituted Suit No. 521 of 1974 in the High Court of Calcutta against the appellant, Bharat Coking Coal Ltd., and the first respondent, the Raneegunge Coal Association Ltd., and others praying for a decree for Rs. 1,15,,76,464.45 and a declaration that (a) all stocks of coal, plant and machinery and (b) present and future book-debts, outstanding moneys, bill and documents belonging to the first respondent had remained hypothecated with the Bank as security by way of first charge for payment of the Banks claims, and that the charge in respect of (a) and, if the law so compelled, in respect of (b) also now stood shifted to the amount receivable by the first respondent from the Central Government through the Coal Mines Authority. It also prayed for the appointment of a Receiver.

3. The suit was brought on the allegations that the Raneegunge Coal A