( 1 ) THIS is an application under Section 115 of the Code of Civil Procedure combined with Article 227 of the Constitution of India.

( 2 ) THE facts are shortly as follows: There was a Bank in Calcutta called the Mahalaxmi Bank Ltd, which had its head office at 135 Canning Street, Calcutta. Sometime before November, 1948 the said Bank suspended its business and went into moratorium under the provisions of Section 277 N of the Indian Companies Act, 1956, read with Section 153 of the Indian Companies Act, 1913. On the 10th March, 1949 the Banking Companies Act, 1949, (Act X of 1949) (hereinafter referred to as the "said Act") came into force. Originally, the said Act did not contain any provisions as to the settlement of the list of debtors as is done in winding up proceedings. On or about the 30th December, 1953 the Banking Companies Amendment Act 1953 (Act LII of 1953) came into force and provisions as to settlement of the list of debtors were introduced in the said Act. Presently, 1 shall deal with the relevant provisions. On the 7th Tuna, 1954 the said Bank filed an application in this High Court under Section 45m (b) read with Section 45d (6) of the said Act for set