JUDGMENT

Mukerjee, J. - This objection like many others of the same kind raises the question whether mere debtors of a Company in liquidation can be brought on the list of contributories.

2. It appears that the liquidators of the Allahabad Union Bank in liquidation have prayed to this Court that there should be prepared two lists of contributories, one containing the names of defaulting shareholders and the other containing the names of debtors who have contracted loans and are liable to pay money to the Company and, therefore, to the liquidators. The question raised is one of importance and I am told by the learned Counsel appearing on both sides that there is no authority in India directly dealing with the point.

3. The word 'contributory' is defined in Section 158 of the Companies Act as every person liable to contribute to the assets of a Company in the event of its being wound up, and in all proceedings for determining and in all proceedings prior to the final, determination of the persons who are to be deemed contributories, includes any person alleged to be a contributory. Section 156 lays down the liability of certain persons to contribute to the assets of the Company. It has