GENERAL PRODUCE DEALERS MADRAS LIMITED Vs. A MK MK KARUPPEN CHETTIAR DECD

JUDGEMENT

(1.) THIS is an appeal from the judgment of Balakrishna Aiyar J., on an application made to him in the matter of the Trivellore Oil Mills Ltd., in voluntary liquidation. That company was incorporated in 1946. In December 1948, the Central Indian Agencies were appointed the managing agents of the company. It has been found--and it is not disputed- that on or about 23rd march, 1949, the first respondent in this appeal advanced a sum of Rs. 20, 000 to the company. On that date, the managing agents passed a receipt to the first respondent in the following terms