R.R. Jain, J.

1. The appellant Rehaboth Traders, a partnership firm, having failed to discharge its liability, was adjudged as insolvent in Insolvency Proceedings No. 34 of 1991. The respondent Canara Bank had advanced loan to the appellant against Hypothecation of goods. After adjudication, as the matter was referred to the Official Assignee, the respondent Bank also lodged its claim as secured creditor in Claim No. 127 of 1991 for a sum of Rs.13,23,588.51 ps. with future interest. However, after holding an enquiry, the of ficial assignee held the respondent Bank as unsecured creditor vide an order dated 30.11.1993. Aggrieved by the said order of the of ficial assignee, the respondent Bank preferred an appeal in Application No. 140 of 1994 under Section 86 of the Presidency Towns Insolvency Act in the High Court. The learned Single Judge, by his detailed order dated 9. 1996, allowed the appeal, setting aside the order of the of ficial assignee and directing the of ficial assignee to treat the respondent Bank as secured creditor. Aggrieved by this order, the insolvent - debtor - appellant has filed this appeal.

2. The principle bone of contention placed on us on behal