TMI Blog1965 (8) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... king Companies Amendment Act 1953 (Act LII of 1953) came into force and provisions as to settlement of the list of debtors were introduced in the said Act. Presently, 1 shall deal with the relevant provisions. On the 7th Tuna, 1954 the said Bank filed an application in this High Court under Section 45M(b) read with Section 45D(6) of the said Act for settlement of the list of debtors. On the 6th of August, 1956 an order was made in favour of the Bank settling the list of debtors under the provisions above-mentioned, and Messrs. Orient Plastics of which the petitioner Sri Kalipada Sinha is the proprietor was included in the list and was shown as a debtor for the sum of ₹ 21,804 together with interest at 6 per cent. per annum. There was an appeal against that order but subsequently the order has been upheld. The Bank thereafter transmitted the certificate, which had the force of a decree under Section 45D(6) of the said Act, to the Alipore Court for execution. The judgment-debtor filed an objection under Section 47 of the Code of Civil Procedure and the execution proceeding is pending. In the meanwhile, what had happened was that the Bank had made an application to the Central G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the approval of the Central Government signified in writing. It does not provide for altering the entity but only the name. This is also, made quite clear by the provisions of Section 23. Subsection (1) or Section 23 states that where a company changes its name in pursuance of Section 21 or 22, the Registrar shall enter the new name on the register in the place of the former name, and shall issue a fresh certificate of incorporation with the necessary alterations embothed therein and the change of name shall be complete and effective only on the issue of such a certificate. It would be observed that the emphasis is on the expression, change of name . Sub-section (3) lays down that the change of name shall not affect any rights or obligations of the company or render defective any legal proceedings by or against it; and any legal proceedings which might have been continued or commenced by or against the company by its former name may be continued by or against the company by its new name. This makes it abundantly clear that as the alteration is only in the name and not in the identity and that the statute itself grants the right to continue an existing proceeding by the old c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 45M provides for the settlement of the list of debtors in the case of a company working under a scheme. The provisions of Section 45M are important and are set out below: Where any compromise or arrangement sanctioned in respect of a banking company under Section 391 of the Companies Act, 1956 is being worked at the commencement of the Banking Companies (Amendment) Act, 1953, the High Court may, if it so thinks fit, on the application of such banking company. (a) excuse any delay in carrying out 'any of the provisions of the compromise or arrangement; or (b) allow the banking company to settle the list of its debtors in accordance with the provisions of Section 45D and in such a case, the provisions of the said section shall, as far as may be, apply to the banking company as they apply to a banking company which is being wound up as if the order sanctioning the compromise or arrangement were in order for the winding up of the banking company. It is important for us to consider Clause (b). This provision allows a banking company to settle the list of its debtors in accordance with the provisions of Section 45D and in such a case, it is enacted that the provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e High Court has exclusive jurisdiction. So far as the said Act is concerned, the question of exclusive jurisdiction Is governed by Section 45B. It runs as follows: The High Court shall, save as otherwise expressly provided in Section 45C, have exclusive jurisdiction to entertain and decide any claim made by or against a banking company which is being wound up (including claims by or against any of its branches in India) or any application made under Section 391 of the Companies Act, 1956 , by or in respect of a banking company or any question of priorities or any other question whatsoever, whether of law or fact, which may relate to or arise in the course of the winding up of a banking company, whether such claim or question has arisen or arises or such application has been made or is made before or after the date of the order for the winding up of the banking company or before or after the commencement of the Banking Companies (Amendment ) Act, 1953. For the purpose of this application it is necessary to interpret this section. It appears to me that exclusive jurisdiction is conferred upon the High Court in the following cases; 1. Any claim made by or against a bankin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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