Bachawat, J. - (1.) There are 1,232 applications in the list today being all matters under Section 45B of the Banking Companies (Amendment) Act.
(2.) Under Section 45A of the Banking Companies Act, 1949, as amended by the Banking Companies (Amendment) Act, 1950 which came into force in March, 1950, the High Court exercising jurisdiction in the place where the registered office of the banking company, which is being wound up, is situated, is the Court for the purpose of that Act and so no other court has jurisdiction to entertain any matter relating to or arising out of the winding up of the banking company. Under Section 45B of the Let, in respect of such company this Court has full power to decide all schemes made by or against any banking company and all questions of priorities and all other questions whatsoever, either of law or of fact, which may relate to or arise in course of the winding up of such company.
(3.) It is well-known that a large number of banking companies is in liquidation. After the passing of this 1950 Act, a question arose as to how proceedings under Section 45B are to be instituted, ft was assumed by the general public and the legal profession that the proper mode of procedure was by way of an application. Accordingly, thousands of applications under Section 45B of the Banking Companies Act were made and numerous orders and decrees were passed on such applications.;