JUDGMENT

G.S. Singhvi, J. —

1.Leave granted.

2.In these appeals, prayer has been made for setting aside order dated 22.8.2008 passed by the learned Single Judge of Delhi High Court in R.A. Nos. 329 of 2007, 401 of 2007 and CM No. 11710 of 2008 in CM (M) No. 398 of 2007.

3.After retirement from the service of Indian Railways, the appellant invested Rs.1,90,000 in the Fully Secured Debentures floated by respondent No.1. The debentures were due for payment on 14th August, 1998, but just before that date, respondent No.1 vide its letter dated 16.7.1998 informed the appellant and other similarly situated persons that due to financial difficulties it will not be possible to pay the amount of maturity on the scheduled dates and a revised scheme has been worked out for payment of the dues. The relevant portions of that letter are extracted below:

“The company had in the month of February, 1997 allotted 17 months and 25 days - 19.5% Secured Redeemable Non- Convertible Private Placed Debentures of Rs.1,000/- each (Debentures) of the Series `A’. These Debentures were issued under Regular and cumulative Schemes. These Debentures are due for payment on 14th August, 1998. However, due to reasons as