JUDGMENT :

Pushpendra Singh Bhati, J.

1. This Court is seized with two company petitions, bearing No. 7/2000, which has been preferred by the Specified Undertaking of the Unit Trust of India (UTI/Corporation) and another company petition bearing No. 9/2014 preferred by the workman.

1.1 The company petition bearing 7/2000 was preferred with an averment that the Company, named, M/s. Derby Textiles Limited (respondent-Company herein) was incorporated on 22.05.1980 as a Public Limited Company, limited by shares.

1.1.1. The UTI was requested by the respondent-Company, vide letter dated 21.08.1995 for sanction of Unsecured Transferable Notes (UTN) of Rs.1.00 crore to meet some capital expenditure, which was agreed upon by the UTI, and thus, they proceeded with the transaction in the year 1996.

1.1.2. The UTI was also requested by the respondent-Company vide letter dated 20.12.1995 to subscribe for Secured Redeemable Non-convertible Debentures (for short, 'SRNCD') of the face value of Rs.4.00 crores, which was also agreed upon. The respondent-Company also executed a Memorandum of Hypothecation and the Trustee Agreement on 12.09.1996 in favour of the Debenture Trustee IDBI.

1.1.3. The UTI disbur