Anand was the managing director and a shareholder of a company. The cheques payable to the company were indorsed by him to himself in the capacity as a managing director and deposited in personal account with the Bank of India. The bank collected the money and allowed him to withdraw. The company soon went into liquidation and the liquidators sue the bank for recovery of money of the cheques payable to the company but credited to the account of Anand. Will the liquidator succeed? Will Anand be able to claim any compensation from the bank or the company?