- (1.) This is a petition under S. 45D of the Banking Companies Act, 1949, made on behalf of the Hind Iran Bank Limited (in liquidation) for settling the list of debtors which includes joint Hindu family firm Messrs. Ishar Singh Narain Singh against whom the amount of Rs. 21,126/2/- is being claimed with interest.
(2.) Ishar Singh died a considerable time ago, leaving his son Narain Singh. Narain Singh has two sons, Inder Singh and Sunder Singh. This joint family was doing business at Gujjar Khan, now in Pakistan, in the name of Messrs. Ishar Singh Narain Singh. A loan application was made to the Hind Iran Bank Limited on 9-2-1946 and on 18-5-1946, a loan of Rs. 15,000/-was sanctioned against the deposit of title deeds. On 9-4-1954, the Bank was ordered to be wound up.
(3.) On 8-10-1954, a list of debtors was submitted under S. 45D of the Banking Companies Act and on 25-3-1955, a supplementary list of debtors was filed. This supplementary lsit included the name of the respondent-firm. On 29-21956, written statement was filed by the debtors. On the pleas taken in he petition and the written statement, the following issues were framed: (1) Has the petition been filed by a person duly authorized ? (2) Is the petition within time ? (3) Is the claim of the petitioner Bank within time ? (4) Is the petitioner Bank entitled to charge interest from 15-8-1947 up to 12-3-1950 ? (5) Whether any and if so what amount is due to the petitioner Bank ? (6) In case any amount is found due to the petitioner Bank, is it entitled to have a charge therefor on the amount of compensation in respect of the mortgaged properties ? (7) Can the present proceedings proceed in presence of the proceedings on the application of Ch. Narain Singh and Ch. Ishar Singh under S. 5 of Act 70 of 1951 ? (8) I may take up issue No. 7 first. The respondents in paragraph 8 of their written statement have pleaded as follows: "That prior to the application under reply Ch. Narain Singh and Ch. Sunder Singh two out of the proprietors who were carrying on business under the style of firm Ch. Ishar Singh Narain Singh have applied under S. 5 of Act 70 of 1951, and in the Schedule 'A' annexed with the application the Hind Iran Bank Limited is also mentioned as an alleged creditor. Those proceedings are still pending before the Tribunal at Simla and in view of S. 15(c) of the Act have to go on. In presence of those proceedings the present proceedings cannot go on.";