- (1.) This matter comes before me for settlement of debts due by and of claims against the Company. I ordered advertisements to be published under Rule 123 of the Company Rules. Pursuant to such direction, advertisements were published and creditors filed their claims before the Official Liquidators. The Official Liquidators investigated into the debts and claims and have filed a list of creditors and claimants in Court. Notice was given to the persons whose debts or claims were rejected in whole or in part requiring them to prove as much of them as had been rejected by the Official Liquidators, in terms of Rule 132.
(2.) At the hearing before me, several creditors and claimants have appeared. 1. With regard to the claims of employees in respect of Provident Fund contributions and Security Deposits they will be treated as preferential creditors and the list submitted by the Official Liquidators will be settled as filed but with the following alterations:-- (a) A.N. Chakravorty: will rank as ordinary creditor in respect of salary due to him from 1st January, 1949 to April 26th, 1949. He will, however, rank as a preferential creditor in respect of salary due to him from April 27, 1949, up to May 18, 1948, amounting to Rs. 88. (b) With regard to the claim of Adhir Chandra Dey, a suit has been pending in this Court: 1748 of 1948. It is agreed that the Official Liquidators will retain in their hands a sum of Rs. 2,000 pending final disposal of the suit. (c) The claim of Monoranjan Ghosh (Item No. 133) for Rs. 5,000 paid as Security Deposit should be allowed. 2. The next class of creditors whose claims have to be considered consist of persons who are holders of Draft orders issued by the Bank. 2. Drafts were drawn by the Bank in favour of third parties on another Bank by one branch of the Bank on another, or by one branch of the Bank on its Head Office.
(3.) The holders of Drafts and Pay Orders may be divided into three classes:-- (a) Drafts issued by the Bank against money paid into the Bank. (b) Drafts issued in payment of collections made by the Bank on the instructions of third parties. (c) Drafts issued in payment of amount due on Fixed Deposit.;