A.K.Bisi, J. - (1.) A.P.O. No. 1082 of 1993 arises out of the Judgment and or order passed by a learned Judge of this Court on 12th October, 1993 in Company Petition No. 621 of 1987. The impugned order challenged in the instant appeal runs as under : "Andhra Bank is directed to pay a sum of Rs. 38 lakhs to the Official Liquidator for the purpose of disbursing forthwith the salary to the officers, staff and workers of New Tobacco Co. Ltd., both at Calcutta and Durgapur, before the ensuing Puja. The Official Liquidator will disburse such salary to the officers, staff and workers of New Tobacco Co. Ltd. as aforesaid, before the ensuing Puja."
(2.) By subsequent order passed on 23rd November, 1993 it was clarified by the learned Judge that the Joint Receivers would draw a sum of Rs. 38 lakhs from the Fixed Deposit made with the appellant-bank and pay the amount to the Official Liquidator in terms of the order dated 12th October, 1993 for disbursing of one month's salary to the officers, staff and workers of New Tobacco Co. Ltd. certain other directions were also given to the Joint Receivers with which we are not presently concerned.
(3.) The basic facts in a nutshell relevant for the purpose of the instant appeal are as follows :- "The appellant Andhra Bank is a secured creditor of New Tobacco Co. Ltd. (in liquidation). New Tobacco Co. Ltd. (hereinafter referred to as the said company) enjoyed diverse credit facilities from the appellant-bank in various accounts since 1985. Ultimately there were huge outstanding liabilities against the said company in favour of the appellant-bank and under such circumstances the appellant-bank instituted a suit being Suit No. 1035 of 1987 against the said company and its directors in this Court claiming a decree for Rs. 2,69,54,228.15p and other reliefs. After institution of the suit the appellant-bank moved an application for appointment of a Receiver over the hypothecated goods. The Joint Receivers were appointed in suit and there was a direction of the learned Judge upon the Joint Receivers to sell only the Tobacco lying in the godown at Guntur and also in the godown at Biccavolu, in the State of Andhra Pradesh by public auction. The highest offer was given by the said company for a sum of Rs. 1.35 lakhs before the Joint Receivers and the sale of hypothecated goods of raw Tobacco lying at Guntur godown in favour of the said company was confirmed by Sachikanta Hazari, J. (as His Lordship then was) on 4th July, 1988 and direction was given to one of the Joint Receivers to deliver the goods at a time or by instalment with a further direction to the Joint Receivers to sell other stocks of raw Tobacco and keep the money in fixed Deposits. In terms of the said order dated 4.7.1988 and pursuant to the minutes of the meeting held by the Joint Receivers dated 28.8.1988 the said company paid the entire consideration money of the sale of raw Tobacco at Guntur godown to the Joint Receivers and took delivery of such raw Tobacco from Guntur godown. The said company enjoyed diverse credit facilities in various accounts from the appellant-bank and to secure its liabilities the said company from time to time executed several documents in favour of the appellant-bank in which the said company hypothecated all its stocks, raw-materials and goods including immovable properties of any kind belonging to the said company by way of first and paramount charge for payment of the dues of the Bank.";