BANK OF ASSAM LTD. Vs. GOLOK CHANDRA BARUAH AND ORS.

JUDGEMENT

(1.) THIS case was started on an application of the Bank of Assam Ltd. (since changed to The Loan Company of Assam Ltd.) for transfer of certain suits pending against the debtors as enumerated in Annexure A attached to the petition. The prayer was for transfer of these pending suits to this "Court under Section 45C, Clause (3) of Part IIIA of the Banking Companies (Amendment) Act, 1953. On receipt of the application, notice was issued on the alleged debtors who are defendants in the suits, and some of them have put in appearance in this Court and have opposed the prayer for transfer of their suits to this Court on the ground, inter alia, that Section 45C has no application to the facts and circumstances of the case and there can be no order for transfer of these proceedings to this Court inasmuch as the petitioning Bank is not under an order of winding up, nor is any such application pending for its winding up.

(2.) MR . Ghose appearing for the Bank (now The Loan Company) contends that Section 45C empowers this Court to transfer those suits by virtue of Section 45B, which enumerates the powers that the High Court can exercise in regard to the Banking Companies. He further places before me Section 45C and urges that no other Court can proceed with these matters except with the leave of the High Court as the High Court enjoys the power of speedy disposal of the pending suits and claims -for and against the Banking Companies after the Banking Companies (Amendment) Act has been passed.

(3.) I can quite see for myself that Sections. 45D and 45M have no reference to an order under Section 45C. This section stands all by itself and refers to transfer of pending proceedings, and this power of transfer given to the High Court extends only to cases of the Companies where a winding up order is made or has been made. It is admitted even by the petitioner that there is no order for winding up of the Company in question, and unless there be any reference to a Company working under Section 153 of the Companies Act in the empowering section of the Banking Companies (Amendment) Act, we cannot bring in those cases which seem to be outside the pale of the High Court's power of transfer under Section 45C.