This is an appeal against the order of Subrahmanyam, J., passed by him on an application made by the appellant, T.R. Tyagarajan (Application No. 584 of 1958) to modify an order of the Official Liquidator, dated 27th January, 1958, passed in the course of the proceedings in the liquidation of a public limited company named Messrs. Kutty and Rao (Engineers) Ltd. The Indian National Industries, Ltd., were the managing agents of Kutty and Rao, Ltd. There was another private limited company called Sayanas, Ltd., of which the appellant claims to be a secured creditor for a sum of Rs 21,180. He alleged that Messrs. Sayanas, Ltd., gave a security for the sums advanced by him certain movable properties of the approximate value of Rs. 20,000.

They comprised Chandler &38; Price Folio Size Treadle .. 1

Hongkong-Half Crown Treadle .. 1

Chandler &38; Price 24" Cutting Machine .. 1

Perforating machine .. 1

Lead types .. 4000 lb.

Racks for types .. 50

Stands .. 12

Subsequently instead of the Indian National Industries, Ltd., Messrs. Sayanas, Ltd., were appointed as managing agents of Messrs. Kutty and Rao, Ltd. There was an agreement entered into, dated nth May, 1955, in and by wh