SAILENDRA KUMAR ROY 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 judgment-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 22-9-1945, 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 4-2-1946, this Court, on its Original Side, made an order under Section 153A, 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: And it is further ordered that the whole of the undertakings, assets and all properties, moveable and immovable, and liabilities of the said transferor Company, Jessore Loan Co. Ltd., do vest in the Bank of Calcutta Ltd., in accordance with the said scheme of amalgamation. The relevant clause in the schedule to the order was as follows: 1. That all the outstanding assets of Jessore Loan Company Ltd., except so much as is necessary to pay out the security deposits to its employees, will vest absolutely in the Bank of Calcutta Ltd. on and from the 30 day from the filing of the sanctioned scheme with the Registrar of the Joint Stock Companies. The time fixed by the order for the filing of the scheme was "fifteen days from the date of filing of this order." It is not disputed that the scheme was duly filed, as directed. Nor can it be disputed that at the date the vesting took place, the two decrees were among the outstanding assets of the Jessore Loan Company.