Bachawat, J. - (1.) The plaintiff claims a sum of Rs. 1604/12/- in respect of an overdraft account. Admittedly this claim is not barred by the law of limitation. Interest on this account was charged at the rate of 12 per cent, per annum with monthly rests. The bank is not a scheduled bank. It is not alleged nor proved that the loans were commercial loans. The rate of interest being excessive the accounts must be reopened under the provisions of the Bengal Money Lenders Act. It is admitted by both parties that on such reopening and on taking accounts in accordance with the provisions of that Act only a sum of Rs. 350/- is due from the defendant to the plaintiff. The plaintiff is accordingly entitled to a decree for the sum of Rs. 350/- against the defendant in respect of this account.
(2.) The plaintiff claims another sum of Rs. 16,751/4/9 in respect of three loans of Rs. 6.000/-, Rs. 5.000/ and Rs. 1,000/-, all advanced by the plaintiff to the defendant on 27-6-1945. On the same date the defendant executed in favour of the plaintiff three promissory notes all carrying interest at the rate of 9 per cent, per annum with quarterly rests. - The plaintiff bank is now in liquidation. The winding up petition was presented on 12-5-1948 and the order for winding up was passed on 30-6-1948. The suit was instituted on 3-12-1949.
(3.) The Banking Companies Ordinance (23 of 1949) came into force on 10-9-1949. It amended . Act 10 of 1949 and inserted in it Part III-A which consists of a group of sections including Section 45F. The Banking Companies (Amendment) Act (20 of1950) came into force on 18-3-1950. It repealed Ordinance 23 of 1949 and re-enacted many of its provisions including Section 45F, Section 45F read as follows: "45F. Special period of limitation--Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (IX of 1908), or in any other law for the time being in force, in computing the period of limitation prescribed for any suit or application by a banking company, the period of one year immediately preceding the date of the order for the winding up of the banking company shall be excluded." The Banking Companies Ordinance 4 of 1953 came into force on 24-10-1953. It amended Act 10 of 1949 and substituted a new part IIIA in place of the existing Part IIIA. The new Part IIIA consisted of a group of sections including Section 45-O. The Banking Companies (Amendment) Act (52 of 1953) came into force on 30-12-1953. It repealed Ordinance 4 of 1953 and re-enacted many of its provisions including Section 45-O. Section 45-O reads as follows: "45-O. Special period of limitation--(1) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (IX of 1908) or in any other law for the time being in force, in computing the period of limitation prescribed for a suit or application by a banking company which is being wound up, the period commencing from the date of the presentation of the petition for the winding up of the banking, company shall be excluded. (2) Notwithstanding anything to the contrary contained in the Indian Limitation Act, 1908 (IX of 1908) or Section 235 of the Indian Companies Act, 1913 (VII of 1913) or in any other, law for the time being in force, there shall be no period of limitation for the recovery of arrears of calls from any director of a banking company which is being wound up or for the enforcement by the banking company against any of its directors of any claim, based on a contract, express or implied, and In respect of all other claims by the banking company against its directors, the period of limitation snail be twelve years from the date of the accrual of such claims. (3) The provisions of this section, in so far as they relate to banking companies being wound up, shall also apply to a banking company in respect of which a petition for the winding up has been presented before the commencement of the Banking Companies (Amendment) Act, 1953.";