P. SATYANARAYANA RAJU, J.

( 1 ) THIS is an application, under sections 45-A and 45-B of the Banking Companies Act (X of 1949) as amended by Act LII of 1953), for a declaration that the proceedings in I. P. No. 19 of 1958, on the file of the Sub-court, Masulipatam, and the order of adjudication passed therein are null and void and not binding on the Vijaya Commercial Bank, Limited (in liquidation. ( The facts giving rise to this application are these: The Vijaya Commercial Bank Limited (hereinafter referred to as the Banking Company) was would up by an order of the High Court of Judicature, Madras, made in O. P. No. 417 of 1953. As Nadela Sivaramakrishniah (hereinafter referred to as "the debtor") was, on the date of the winding up order, indebted to the Banking Company, he was included in the list of debtors prepared by the Liquidator. By an order of the Madras High Court, dated 7th December, 1954, he was directed to pay a sum of Rs. 7,693-9-9 with further interest and a certificate ws accordingly issued under Sec. 45-D (6) of the Banking Companies Act (hereinafter referred to as the Act ). The debtor having defaulted to pay the amount within the time allowed, the Liquidator initiat

Click Here to Read the rest of this document