Judgement

Appeal (No. 112 of 1930) from an order of the High Court in its appellate jurisdiction (March 13, 1930) affirming an order of the Court in its original jurisdiction (August 26. 1929).

The present appeal arose out of an application to the High Court by the liquidators of the respondent bank for directions having regard to two debentures issued by the respondent to the appellant bank. The questions submitted were as to, among other points, the respective rights of the appellant bank and the general body of the creditors in title deeds deposited with the respondent bank as security for loans and overdrafts, the properties to which the deeds related, and the proceeds thereof.

The material facts appear from the judgment of the Judicial Committee.

In a debenture holders suit brought by the appellant bank and heard by Costello J. it had been admitted on their behalf that in the absence of registration of the debentures under the Indian Registration Act they did not affect any immovable property, and that admission had been embodied in the decree made in the suit on March 26, 1929, by Costello J.

The application for directions was heard by Buckland J. The learned judge held that