1. By this judgment five applications arising in connection with C.P.No.575 of 1982 are being dealt with, being C.A. No. 715 of 2015, C.A. No. 97 of 2016, C.A. 131 of 2016, C.A. 187 of 2016 and C.A. No. 529 of 2016. C.P. 575 of 1982 was a winding up petition instituted by the Bennett, Colman & Co. Ltd. (BCCL) against Angelo Bros. Ltd. (ABL). ABL at present is a company in liquidation, and order to that effect has been passed in a separate winding up proceeding, being C.P. 90 of 1983. Separate proceedings have been instituted calling in question the validity of such order I shall briefly refer to those proceedings in later part of this judgment. In the winding up petition, out of which these actions arise, the petitioner, i.e. BCCL alleged lending Rs.35 lacs to ABL, which was repayable in installments. As per the averments made in the winding up petition, a promissory note for the said sum of Rs.35 lacs together with interest was executed by ABL and second charge on ABL’s fixed assets was also created on consent of ABL’s bankers, Punjab and Sind Bank, who had the first charge over such assets. BCCL’s case, as made out in the winding up petition was that Rs.15 lacs in installments was repaid by ABL along with interest of Rs.1,81,232.87, the former constituting three installments upto 31st March 1981 and thereafter default was committed by ABL. Subsequently, it has been alleged by BCCL that ABL purported to send two share scrips of Angelo Rhodes Ltd., an English Company covering 50,000 shares of Rs.1/- each for pledging the same by way of further security subject to compliance of the provisions of Foreign Exchange Regulation Act, 1973. It has been pleaded in the winding up petition that ABL had never sent the permission of the Reserve Bank of India as per the provisions of the 1973 Act. Total demand, for which the winding up proceeding was instituted was Rs.27,69,781.66. In course of hearing before me, it has been pointed out by Mr. Khosla, learned counsel representing the applicants in C.A. No. 715 of 2015 as also C.A. 97, 131 and 529 of 2016 that Angelo Rhodes Ltd. was a subsidiary of ABL. It further appears that Angelo Rhodes Ltd. is organised under the laws of the United Kingdom. The winding up petition was disposed of on consent on 27th April 1983 in the following terms:-

“2. It is ordered that the said respondent Company do on or before the fifteenth day of May in the year one thousand nine hundred and eighty three pay Rupees Three lacs to the said applicant Company by Demand Draft on a Schedule Bank at Bombay or any other mode acceptable to the said applicant company and it is further ordered that Fifty thousand fully paid ordinary shares of pound one each in Angelo Rhodes Ltd. United Kingdom held by the said respondent Company are lying with the said applicant company as security for loan subject to permission of Reserve Bank of India and it is further ordered that the said Reserve Bank of India had originally rejected the proposed transfer but a fresh representation has been made by the said applicant company to the said Reserve Bank of India for reconsideration and it is further ordered that the said applicant company shall have the right to appropriate the said shares in their favour subject to permission by the said Reserve Bank of India being obtained And it is further ordered that in the event of the said Reserve Bank of India refusing the permission for transfer of the said shares the said respondent company shall pay to the said applicant company a sum of Rupees Two lacs by Demand Draft on a schedule Bank or in any other manner as may be desired by the said applicant company within fifteen days from the date of the communication of the refusal of the said Reserve Bank of India by the said applicant Company to the said respondent company and it is further ordered the respondent company shall however ha