( 1 ) RESPONDENTS 1 to 52 herein filed a petition for winding up against respondent No. 53 (hereinafter referred to as 'the Company') in Company Petition Nos. 43 to 94 of 1992 (later clubbed into Co. P. No. 43 of 1992 ). The said petitions were admitted on 28-8-1992. The Company is the owner of Premises No. 48, Church Street, Bangalore. An order has been made by this Court on 22-9-1992 in C. A. No. 988 /1992 directing the tenants of the Company to deposit the rents from September 1992 and onwards into Court, to preserve the assets of the Company and proper management thereof, so that the interests of the large body of unsecured creditors can also be protected.

( 2 ) THE applicant Bank (hereinafter also referred to as 'the Bank') claims to be a secured creditor of the Company. According to the applicant a sum of Rs. 98 lakhs was advanced by the Bank to the Company and in that behalf the company had executed an on demand promissory note, an agreement for term loan and other documents on 30-9-1986, copies of which are produced as Exs. B to 1 to the application; and premises bearing No. 48, Church St. Bangalore, belonging to the Company was equitably mortgaged in fa