Judgment

S.B. Sinha, J.—Doubting the correctness of the statement of law contained in paragraph 76 of the judgment of this Court in Allahabad Bank vs. Canara Bank and ­Another [(2000) 4 SCC 406], a Division Bench of this Court has directed that the matter be placed before a Bench of three Judges.

BACK GROUND FACT :

2. By a scheme of amalgamation approved by the High Court of Calcutta on or about 31.7.1984, the assets and properties of Tobacco Division of Duncan Agro Industries Limited were transferred to its subsidiary New Tobacco Limited (‘the Company’, for short). The company had been obtaining and enjoying diverse credit facilities from the Appellant-Bank upon hypot­hecation of all goods, raw materials, stocks of tobacco including movable properties situated at Biccavolu in the State of Andhra Pra­desh.

3. The Appellant herein on or about 15.9.1987 filed a suit in the Calcutta High Court for recovery of Rs. 2,69,54,228.15 along with interest at the rate of 18.5 p.a. against the company. In the same year, an application for winding up of the said company was filed before the Company Judge of the Calcutta High Court, which was marked as CP No. 621 of 1987. The Appellant in the said s