Judgement

Appeal from a judgment and decree of the Court of the Judicial Commissioner (September 16, 1915) modifying a decree of the Subordinate Judge of Lucknow.

On May 31, 1913, the appellant deposited with the respondent bank the sum of Rs. 25,000, which under the terms of the deposit he was entitled to withdraw on or after November 30, 1914. On October 8, 1914, the respondent bank suspended payment.

On December 21, 1914, an extraordinary meeting of the shareholders adopted a proposed arrangement dealing with the rights of the creditors with a view to the bank resuming its business, and resolved to apply to the Court under s. 153 of the Indian Companies Act for its sanction. An application was accordingly made on December 21 to the High Court at Allahabad, and on December 23 that Court ordered that a meeting of the creditors be held at Meerut, the headquarters of the bank, to consider the proposed arrangement, notice to the various classes of creditors being provided for.

Meanwhile, on December 19, 1914, the appellant, after giving 24 hours notice requiring repayment of his deposit, filed a suit to recover the principal and interest in the court of the Subordinate Judge of Luckn