The facts which have led up to these two appeals against the judgment of Ramaswami Goundar, J., in Applications Nos. 3369 of 1952 and 3953 of 1953 are the following. The Hanuman Bank Ltd., Tanjore, went into liquidation. The petition for winding up was filed on 17th August, 1947 and it was directed to be wound up on 5th November, 1947. The Official Liquidators who were appointed by this Court in the winding up petition filed a suit, O.S. No. 18 of 1949, in the Court of the Subordinate Judge of Kumbakonam against one Mohammedsa Rowther for the recovery of a sum of Rs. 12,620-7-0 by sale of properties hypothecated to the bank under a mortgage bond, dated 29th September, 1943 and another deed, dated, 14th March, 1944, under which the same properties were offered as security for additional amounts. The suit was filed some time in April, 1949. There was written statement by the defendant denying liability and issues were framed on 12th July, 1949. When the suit was pending the Banking Companies Act, 1949, was passed and came into force on 16th March, 1949. Before this Act there was a Governor-General’s Ordinance, XXIII of 1949, and under the provisions of that Ordinance