B. UPADHYA, J.

( 1 ) THIS is an application by the Official Liquidator praying for declaration that the holders of the third series of debentures of the U. P. Oil Industries Ltd. , now in liquidation, are not secured creditors of the Company.

( 2 ) THIS Company was ordered to be wound up on the 11-5-1956. After investigating into the assets and liabilities of the Company the Liquidator found that it had three series of debentures. The first series of debentures were allotted to 8-4-1948 for a total sum of Rs. 1,50,000/ -. A debenture Trust Deed 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 23-6-1950 for a sum of Rs. 100,000/ -. 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. Agarwall who was managing the affairs of the Company to issue a third series of debentures