Ganapatia Pillai, J.-

This is a debtor’s Insolvency Petition under sections 10, 14 and 15 of the Presidency Towns Insolvency Act for adjudication of the applicant. When the proceeding originally came up before the Master he passed an order directing the matter to be placed before the Insolvency Judge since the question of jurisdiction of the High Court to entertain the application was raised by the Official Assignee which is not settled by any authoritative decision of this Court. When the matter came up before the insolvency Judge (one of us) it was found that there was a conflict between the view taken by Ramaswami, J., in Thangiah v. Hanuman Bank1, following certain decisions of the Orissa High Court and the view taken by Ramachandra Iyer, J., in Shenoy v. Raghunath2, regarding the scope and effect of sections 45-A and 45-B of the Indian Banking Companies Act as amended in 1953 (hereinafter referred to as the Act). Thereupon at the instance of one of us this petition has been referred to this Bench.

The petitioner was carrying on a business in Dindigul which failed and a creditor of the petitioner obtained a decree for money against the petitioner and got him arrested in execution

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