THE HON'BLE Ms. JUSTICE G.ROHINI COMPANY PETITION No.204 OF 2009 Dated: 28.02.2011 Between: M/s. Pegasus Assets Reconstruction Limited ..... Petitioner And Prithvi Information Solutions Limited ….. Respondent The Court made the following:- THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY PETITION No.204 OF 2009 O R D E R : This petition has been filed under Sections 433, 434 and 439 of the Companies Act, 1956 with a prayer to wind up M/s. Prithvi Information Solutions Limited. In response to the notice ordered by this Court, appearance has been entered on behalf of the sole respondent and a counter affidavit has been filed on 16.08.2010. However, on the basis of the representation made by the learned counsel for both the parties that there was likelihood of compromise outside the Court, the matter underwent several adjournments. In the meanwhile, Company Application No.1545 of 2010 has been filed by M/s. Pegasus Assets Reconstruction Limited stating that subsequent to filing of the company petition, in pursuance of the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interests Act, 2002, the petitioner in the company petition had entered into an assignment agreement dated 14.10.2010 with M/s. Pegasus Assets Reconstruction Limited and as per the terms and conditions of the said agreement M/s. Pegasus Assets Reconstruction Limited has become the true legal and beneficial owner of all the loan incidents and therefore, M/s. Pegasus Assets Reconstruction Limited shall be deemed to be the full and absolute legal owner and it is legally entitled to recover and receive all amounts due from borrowers. Accordingly, permission was sought by M/s. Pegasus Assets Reconstruction Limited to come on record by substituting the petitioner in Company Petition No.204 of 2009. The said application was ordered by this Court on 02.02.2011 and consequently M/s. Pegasus Assets Reconstruction Limited has come on record as the petitioner in Company Petition No.204 of 2009 in the place of the original petitioner- Hong Kong & Shanghai Banking Corporation Limited. While the things stand thus, a memo has been filed by the respondent company dated 28.02.2011 stating that the petitioner and the respondent have settled the matter out of Court and the respondent company has paid the outstanding amount to the petitioner and in lieu of the same, the petitioner company had issued no dues certificate dated 24.01.2011. The said fact has not been disputed by the learned counsel for the petitioner and accordingly, a request has been made to permit the petitioner to withdraw the company petition. Having regard to the facts and circumstances noticed above, the permission as sought by the petitioner is granted and the Company Petition is hereby dismissed as withdrawn. No costs. ____________ G. ROHINI, J Date: 28.02.2011 Ivd