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PETITIONER: DHIRENDRA CHANDRA PAL
Vs.
RESPONDENT: ASSOCIATED BANK OF TRIPURA LTD.(IN LIQUIDATION)
DATE OF JUDGMENT: 06/12/1954
BENCH: JAGANNADHADAS, B. BENCH: JAGANNADHADAS, B. MAHAJAN, MEHAR CHAND (CJ) BHAGWATI, NATWARLAL H. AIYYAR, T.L. VENKATARAMA
CITATION: 1955 AIR 213 1955 SCR (1)1098
ACT: Banking Companies Act (X of 1949), ss. 45-B, 45-G (inserted by Act XX of 1950)*-Claims decided under s. 45-B-Procedure to be followed.
HEADNOTE: The object of the Banking Companies Act, 1949 is to provide a machinery for expeditious and speedy termination of proceedings in liquidation and in the absence of any specific provisions of the Act to the contrary or any rules framed by the High Court under s. 45-G of the Act (inserted by Act XX of 1950) the normal procedure for deciding all claims under s. 45-B of the Act (inserted by Act XX of 1950) should be a summary proceeding originating with an applica- tion. But the court in its-discretion may think fit to direct or the rules of the High Court may provide that a suit is the proper remedy in view of the nature of claim made and the questions involved in such claim. Sree Bank v. Mukherjee ([1950] 55 C.W.N. 400), referred to.
JUDGMENT: CIVIL APPELLATE JURISDICTION: Civil Appeal No. 91 of 1953. Appeal from the Judgment and Decree dated the 12th day of June 1951 of the High Court of Judicature at Calcutta in ...