The application filed under Section 235 of the Companies Act was time-barred, with the provision of the Banking Companies Act not reviving already expired claims.

1. These are three special appeals arising out of the same case and can, therefore, be conveniently disposed of together. They arise Out of an application made by the 'official Liquidator of the Jwala Bank Ltd., (in liquidation) under S.235 of the Companies Act of 1913 . The application was filed against seven persons, three of them being the present appellants. The seven persons were Sri Jwala Prasad, Sri G.G. Buty, Sri W.C.G. Dunne, Sri W.B. Dawson, Sri Rama Shanker, Father Francis Xavier and Messrs. S.N. Gupta and Co. Sri W.C.G. Dunne died during the pendency of the petition and the case abated against him. Sri W.B. Dawson was not traceable and the Liquidator, therefore, intimated to the Court that he was withdrawing the case against Sri W.B. Dawson and did not want to proceed against Mm. The application proceeded against the remaining five persons. Father Francis Xayier having been exonerated from liability decrees were passed against the remaining four persons. Sri Jwala Prasad was held liable for Rs.56,212/- plus Rs.2,000/- as costs.
Sri Rama Shanker was held liable for Rs.5,000/- and for Rs.500/- as costs. Sri S.N. Gupta of Messrs. S.N. Gupta and Co., was also held liable for the same amount. Sri G.G. Buty was held liable for Rs.3,750/- without costs. Special Appeal No. 304 of 1957 has been filed by Sri Jwala Prasad. Special Appeal No.4 of 1958 has been filed by Sri G.G. Buty and Special Appeal no.71 of 1958 has been filed by Sri S.N. Gupta. At the time of hearing we were told that Sri Rama Shankar has submitted to the order passed against him and has not appealed.

2. Six of the persons against whom the application had been filed were the directors of the Bank in liquidation while Sri S.N. Gupta of Messrs. S.N. Gupta and Co., was the duly appointed auditor of the Bank.

3. The Jwala Bank was originally started as a private concern of which Sri Jwala Prasad, appellant in appeal No.304 of 1957, was the sole proprietor. In. April, 1938, the Jwala Bank Ltd., was incorporated as a public limited liability company with an authorised capital of Rs.25,00,000/- divided in 25,000/- ordinary shares of Rs.100/- each. It had its registered office at Agra. The issued capital till the 30th of June, 1949, was Rs.13,32,700/-. Sri Jwala Prasad held 4,375 fully paid up shares of the company in his own name and the names of his wife and children the management of the company was vested in a Board of Directors of which Sri Jwala Prasad was the Chairman. The company had 29 branches in different parts of India, one of its principal offices being located at Bombay. On the 10th April, 1947, the Central Government purporting to act under an ordinance which was in force on that date directed the Reserve Bank of India to cause an inspection to be made of the company.
As a result of the report of the inspection the Central Government passed an order dated the 6th of April, 1948, prohibiting the Bank from, receiving fresh deposit at any of its offices, branches or agencies with effect from 12/04/1948. At that time the liabilities of the Bank amounted to Rs.1,09,00,000/-. Under a scheme that was formulated by the Bank a sum of Rs.98,70,000/- was later paid to the creditors and depositors and in this way some of the liabilities were Satisfied. Others, however, remained outstanding. On the 1st of August, 1949, a creditor Sri Sitla Prasad Si