( 1 ) DEFENDANT No. 1 is a company having financial stringency. Defendant No. 3 company is a going concern. This is a joint application of both the companies. The plaintiff-company is the debenture holder of defendant No. 1 company. The convertible part of such debentures has already been converted into equity shares and the non-convertible part has been redeemed. Defendant No. 2 is the trustee bank of the debenture holders.

( 2 ) UPON observing recent recession in the steel industry defendant No. 1 and defendant No. 3 wanted to make arrangement amongst themselves. As a result whereof an application for consideration and confirmation of the scheme of arrangement was jointly made before this High Court having company jurisdiction. Shareholders of both the companies were directed to hold separate meetings. The shareholders of both the companies by an overwhelming majority accorded approval of the scheme of arrangement. Subsequently, a joint application was made under Section 391 (2) of the Companies Act, 1956, before this High Court. Advertisements were published as per direction of the court. Notice was served upon the Central Government through the Regional Direc