The Special Appeal No. 132 of 1956 came on for hearing before the Division Bench consisting of Agarwala and Upadhya JJ., The Court delivered the following differing judgments :

AGARWALA, J. :This is a special appeal against the judgment of the learned Company Judge dismissing in part the appeal preferred by the appellant Jwala Prasad against the rejection of his claim by the Official Liquidators. 2. The Jwala Bank was originally a private bank. It was converted into a limited concern in the year 1938. At the time of conversion an agreement was entered into between the Jwala Bank Limited and Sri Jwala Prasad appellant whereby it was agreed that Jwala Prasad shall be the Chairman of the Board of Directors of the Jwala Bank Limited, for twenty years certain with a salary of Rs. 2000/- per month, a free furnished house and certain travelling allowances.

The Bank continued to function for about 10 years when on the 12th April, 1948, it stopped its business on receipt of a direction from the Government to do so, and on the 1st August, 1949, an application for winding up was made. The Bank was wound up by an order of the 17th February, 1950, and official liquidators were appointed