NATESAN J.

This appeal is directed against the order of our learned brother, Sadasivam J., pronouncing the opinion of the court on certain preliminary objections to the maintainability of an application under sections 45A and 45B of the Banking Companies Act, which the liquidators, the respondents in the appeal, had filed. The proceedings arise on the liquidation of the Hanuman Bank Ltd., Tanjore, which is being wound up on a creditor's petition dated July 26, 1947. Liquidation proceedings were initiated under the Indian Companies Act, 1913, and the applicability to the matter of the Banking Companies Act, 1949, which came into force on March 16, 1949, is not questioned before us

Before setting out the questions for consideration in this appeal, which are of general and considerable importance, and not free from difficulty, it is necessary and we shall refer to the facts leading up to the present appeal

The Hanuman Bank Ltd. (in liquidation) was incorporated as a public limited company under the Indian Companies Act, 1913. The subscribed and paid up capital is stated to be Rs. 5, 75, 000 and Rs. 4, 31, 000 respectively. It is needless to refer to the circumstances leading