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PETITIONER: SHRI RAM NARAIN
Vs.
RESPONDENT: THE SIMLA BANKING & INDUSTRIAL CO.LIMITED.
DATE OF JUDGMENT: 09/05/1956
BENCH: JAGANNADHADAS, B. BENCH: JAGANNADHADAS, B. BOSE, VIVIAN SINHA, BHUVNESHWAR P.
CITATION: 1956 AIR 614 1956 SCR 603
ACT: Banking Companies Act, 1949 (X of 1949) as amended by Act LII of 1953, ss. 45-A, 45-B, 45-C-Displaced Persons (Debts Adjustment) Act, 1951 (LXX of 1951), ss. 3, 28-Overriding effect as against all other laws-Purpose and policy of the two Acts-Tribunal under Act LXX of 1961-Whether a Court- Transfer of proceedings under s. 45-C of the Banking Companies Act-Period of limitation.
HEADNOTE: The appellant, a displaced person, bad a fixed deposit in the Lahore Branch of the respondent Bank which had its head-office at Simla, and he also had at the time a cash- credit account in the Bank. As the Bank refused to pay the amount of fixed deposit on its maturity but adjusted -it towards part payment of the amount said to be due from him, he filed an application to the Tribunal at Banaras under s. 4 of the Displaced Persons (Debts Adjustment) Act, 1951, claiming the amount of the fixed deposit as a debt due from the Bank. During the pendency of the application there were proceedings taken for winding up the Bank in the High Court of Punjab. On the 3rd January 1953 a decree was passed by the Tribunal and the appel...