SAILENDRA KUMAR RAY AND ANOTHER Vs. BANK OF CALCUTTA LTD.

JUDGEMENT

(1.) The question of law raised by these appeals appears to be one of first impression. The two appeals are directed against a common order passed in two different execution cases which were started against different judgement debtors with respect to two different decrees. But both were started by the respondent who claimed to be an assignee from the common decree-holder.

(2.) The material facts are as follows. It appears that on the 22nd Sept., 1945, the Jessore Loan Company obtained two final mortgage decrees, one against the appellants in each of these appeals. The preliminary decrees which were made final were new decrees passed under the Bengal Money-Lenders Act, but nothing turns on that circumstance.

(3.) On the 4th Feb., 1946, this Court, on its original side, made an order under Sec. 153A of the Indian Companies Act, sanctioning a scheme of amalgamation of the Jessore Loan Company with the Bank of Calcutta Ltd., and by the same order provided for the transfer to the latter company of all the assets and liabilities of the former in accordance with the scheme of amalgamation. The order, after stating that the scheme "as set out in the Chairman's report filed herein and in the schedule hereto" was sanctioned, proceeded to state as follows:-