TMI Blog1948 (2) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... which name, however, was on a subsequent date, not mentioned in the petition, changed into its present name. The authorised capital of the Company is ₹ 50,00,000 divided into 10,000 preference shares of ₹ 100 each and 1,60,000 ordinary shares of ₹ 20 each. The subscribed capital as on the 30th June, 1947, is, however, ₹ 57,000 out of which only ₹ 12,875-8 has been paid up. The registered office of the Company was until the 7th August. 1947, situate at No. 5, Dharramtala Street, Calcutta, within the jurisdiction of this Court. On the last-mentioned date it was transferred to Dacca. 2. The Company carries on banking business of every description. Most of its depositors are said to be Muslims. Since July. 1947, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lities for salaries, allowances, for office expenses, legal charges, and house rents will not be affected by the scheme, but shall be paid in full (cl. 3). (b) All depositors up to ₹ 50 and certain bill collection proceeds shall be paid within four months from the date of sanction of the scheme (cl. 4). (c) The creditors will give up all arrears of interest and future interest (cl. 5). (d) Secured creditors to the extent of their security will not be affected by the scheme (cl. 12). (e) 80 per cent of the principal amount due to the creditors, except the secured creditors shall be paid as follows:-- (i) 10 per cent within six months from date of sanction; (ii) 20 per cent within one year from last payment; (iii) 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ability. As against these liabilities the Company is said to have, within the Dominion of India, good and realisable assets valued at ₹ 3,31,112-2-3. On this basis the excess of assets over liabilities is ₹ 85,757-9. ₹ 19,291-14-9 being the value of printed stationary will not be of any use for payment to creditors and ₹ 49,336 due from the Bharati Central Bank, Ltd., which is in liquidation appears at the moment to be as good as gone. If I, therefore, deduct these two sums aggregating to ₹ 68,627-14-9 the net excess of assets over liabilities will dwindle down to ₹ 17,129-10-3. If the scheme is eventually sanctioned the Company will remain in existence and presumably will have to maintain some stall at t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scheme sanctioned by this Court as the main proceedings and adopt ancillary proceedings there, the scheme should be so framed as to be reasonable and fair to the creditors in Pakistan. If the Indian assets yield a larger percentage of payment to the Indian creditors than the Pakistan assets will yield to the Pakistan creditors it will not be fair to frame a scheme on the basis of the Indian assets and liabilities alone and to distribute the assets amongst the Indian creditors to the exclusion of the Pakistan creditors, just as in the converse case the scheme will be unfair to the Indian creditors. Further as pointed out by Vaughan William. J., In re: Scottish and Australian Chartered Bank (1893) 3 Ch. 385 at p. 394, 395 notice of any scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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