RAMENDRA MOHAN DATTA, J.

( 1 ) THIS is an application for the stay of the winding up proceedings of Calcutta Safe Deposit Co. , Ltd. (hereinafter called the said company ). The petitioning creditor in the winding up proceedings is one Ranjit Mathuradas Sam-pat the respondent herein. Sampat is one of the debenture holders of the debentures issued by the applicant company.

( 2 ) ACCORDING to the petitioner he is the holder in due course of three debentures of the value of Rs. 1000/- each put of 250 First Mortgage Debentures issued by the company on or about June 19. 1939. Each of the said debentures carried interest at the rate of 4 1/2% per annum payable half yearly in June and in December in each year.

( 3 ) THE said debentures were issued subject to and with the benefit of the conditions endorsed thereon and in an Indenture dated November 22, 1939. made between the company of the one part and Sailendra Nath Banerjee and others of the other whereby certain properties of the company were vested in trustees for securing the payment of the principal amount and interest payable in respect of the said debentures.

( 4 ) THE relevant clauses of the said debentures as endorsed thereon

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