Judgement

Consolidated Appeals from a judgment and from orders of the High Court (April 30, 1915) reversing an order of the District Judge of Tinnevelly (December 22, 1913).

The proceedings arose in the winding up of the Swadeshi Steam Navigation Co., Ld., a company registered under the Indian Companies Act, 1882, and related to a charge upon unpaid calls granted, before the winding-up order, to the appellant, the secretary of the company; the charge had not been registered in accordance with s. 68 of the Act. The order of the District Court was made in an execution petition by the appellant to enforce an order made by the same Court on April 27, 1912, whereby the validity of the charge, although unregistered, had been recognized, the appellants name being then included by the District Judge in the list of creditors who had a charge upon the property of the company. The company, at a date earlier than that of the specific charge in favour of the appellant, issued debentures constituting a floating charge upon the assets. The debenture-holders were not parties to the proceedings in 1912, but the first four of the present respondents were debenture-holders who intervened upon the app