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