In case custodian of aco who has issued ADR's become bankrupts then what will happen to the investor's holding

It should make no difference unless custodian has stolen client assets or taken them for its own personal use, in which case they could be criminally liable; Custodians normally segregate client assets from company assets.
If custodian has stolen or used client assets, then whatever is left over is split pro rata amongst all the entities and individuals owed money. Problem is that when a company is declared bankrupt, liquidator is called in e.g. Price Waterhouse then the liquidator proceeds to see how he is going to be paid his fee and takes the client assets and isolates them so it can pay itself. So money is tied up for a long time whilst the liquidator has the run of the coop till it sorst the mess out - or money runs out for it to pay istelf in which case you can forget it!

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