Leach, C.J.

1. These appeals arise out of an order passed by Gentle J. rejecting a scheme put forward by the directors of the Calicut Bank Limited under Section 153, Companies Act, and directing the compulsory winding up of the company. It has been conceded here, as it was conceded below, that if the scheme is not one which the Court can sanction, a compulsory winding up order must necessarily follow. The appellants are the directors and they are supported by a number of creditors. The company was registered in 1908. Its head office was at Calicut and it had thirteen branches in British India, one at Cranganore in the State of Cochin and another at Colombo. Its issued capital was Rupees 2,77,280 divided into 27,728 fully paid up shares of Rs. 10 each. As the result of a run on the bank it was compelled to close its doors on 16th August last year. The day before the closing of the doors the directors filed a petition in this Court asking for the sanction of the scheme with which Appeal Ho. 75 is concerned. On 19th August a petition for the compulsory winding up was filed by the respondents and on the 30th of that month Gentle J. appointed provisional liquidators, who on 31st