( 1 ) THIS is an appeal arising out of an application given by the Official Liquidator of the U. P. Oil industries Limited hereinafter called "the Company" The company went into liquidation, and was ordered to be wound up on the 11th of May, 1956. An investigation into the assets and liabilities of the Company by the Liquidator revealed that it had three series of debentures. The first series of debentures were allotted on the 8th of April, 1947, for a total sum of Rs. 1,50,000/ -. A debenture Trust Deed in respect of this series was executed and registered with the registrar Joint Stock Companies, Lucknow, and also in the office of the Sub-Registrar, Lucknow under the Indian Registration Act. The second series of debentures were issued on the 23rd of june, 1950, for a sum of Rs. 1,00,000/ -. For this series also a debenture Trust Deed was executed, and it was registered with the Registrar, Joint Stock Companies, Lucknow, as well as in the office of the Sub-Registrar, Lucknow under the Indian Registration Act. By a resolution dated the 23rd March, 1952, the Board of Directors authorised Sri B. P. Agarwala who was managing the affairs of the Company to issue a third series o