- (1.) This is an appeal from a judgment of Sarkar J., dated 1st March 1949, whereby he dismissed an application presented by a number of creditors of the Tripura Modern Bank Ltd., under Section 153, Companies Act.
(2.) This Bank had a subscribed capital of Rs. 22,50,000 and a paid up capital of Rs. 15,54,000. It was made a scheduled bank in the year 1945, but it got into difficulties thereafter. In the petition it was stated that by reason of various difficulties and the change in the political situation the business of the company was affected and it had to meet liabilities to the extent of over two crores of rupees. Owing to the suspension of business of a number of banks in Calcutta which were also scheduled banks, the company was unable to meet heavy demands and it was not possible for the bank to make further payments without realising its investments.
(3.) The petition discloses that the situation is really serious. The liability of the Bank on the date of the presentation of the petition was over two crores and three lacs of rupees and it says that it has assets valued over two crores and fifteen lacs of rupees. But these facts have got to be ascertained on proper materials. Its cash balance is practically exhausted and it had therefore to approach the Court with an application for a moratorium under Section 277 (n), Companies Act. The Court admitted the petition and adjourned the same till 24th January when a petition for winding up of the bank was fixed for hearing.;