TMI Blog1942 (2) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... pril 1933, it embarked upon a scheme of arrangement and compromise with its creditors under Section 153, Companies Act. The application under that section was presented by the bank to this Court on 10th April 1933; and an order was made on 17th May 1933, directing the convening of a meeting of the depositors of the said Bank. The meeting was held on 30th July 1933, when the scheme was settled and it was finally sanctioned by this Court on 29th November 1933. The scheme provided inter alia that the creditors of the Bank shall not be entitled to demand payment of their dues at once except in terms of the scheme which shall remain in force for a period of ten years. 2. After certain previous applications for execution, the present proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll creditor a, including those who had already obtained decrees, and it was not necessary that there should be a separate meeting of the decree-holder creditors. This decision was affirmed by Mitter J. in Serajganj Loan Office v. Nilkantha Lahiri ('35) 22 A.I.R. 1935 Cal. 777. On the other hand, there are a number of cases where a different view has been taken and it has been held that depositors who obtained decrees against a banking company before any scheme was embarked upon by the latter, ceased to be depositors and became decree-holders. They would constitute a separate class from ordinary depositors and it was necessary that there should be a separate meeting of such creditors before the scheme could be sanctioned by the Court : v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide Craies on Statute Law, p. 341. As has been pointed out by Maxwell in his Interpretation of Statutes where it is gathered, from a later Act, that the Legislature attached a particular meaning to certain words in an earlier cognate one this would be taken to be a Legislative declaration of its meaning there, (Maxwell, 8th-Edn., page 269). We hold therefore that the view taken by the Courts below is right. 5. The learned advocate for the appellant has contended further that as there was a previous execution case in connexion with this decree, and the decree was allowed to be executed without any objection by the Bank, the latter was now precluded from raising any objection. This point has not been dealt with in the judgment of any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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