The Calcutta Weekly Notes Monday June 29 1942

The rules as to the deposit of costs and furnishing of requisites by the parties are enforced with the greatest stricness any delay or default being visited with the penalty of a stamped application. [...] At the same time the parties who have a right to expect a reasonably expedtious disposal and who for their part of the r carriage of the cases are made to conform to the time-table on pain of penalties feel a legitimate grievance if they find months Itassing before the notice on the Respont is served. [...] After the liquidation order R preferred a claim to the official liquidtor to be paid the amount of his security deposit in full upon the footing that it was a trust fund and as such never formed part of the assets of the bank available for ditribution among the creditors: Held (BRAUND J.)—That the transfer of the deposit account as a security deposit was a disposition " under sec. [...] 227 (2) of the Companies Act by the Company of the money which they utilised in discharging their unsecured debt to the cashier on the deposit account as the prelude to creating the trust fund held on the security deposit account. [...] The present case is not a case of salvage of real necessity nor of the transaction having been the only means of keeping the Company going.