HON’BLE SRI JUSTICE B. SESHASAYANA REDDY COMPANY APPLICATION No.373 of 2010 ORDER: This application has been taken out by Pridhvi Asset Reconstruction and Securitisation Company Ltd., under Section 529-A of the Companies Act, 1956 (for short ‘the Act’) read with Rule 9 of the Companies (Court) Rules, 1959 (for short ‘the Rules’) to substitute its name in the place of I.D.B.I Bank Limited-second respondent in all the proceedings connected with C.P.No.126 of 1999. T.Sankar, Chief Manager (Legal) of the applicant company has sworn to the affidavit filed in support of the petition. It is stated in the affidavit that the applicant company entered into Assignment Agreement dated 27.03.2010 and in pursuance thereof, I.D.B.I Bank Ltd., assigned all its rights, title, interests and benefits in respect of its claim against R.1-company together with secured interest thereto. Assignment Agreement has been placed on record. The Official Liquidator placed on record his report dated 17.01.2011. Heard learned counsel appearing for the applicant company and learned counsel appearing for the Official Liquidator representing M/s. World Wide Pharma Ltd., (in liquidation-first respondent). Learned counsel appearing for the applicant submits that the applicant company became the assignee of the debt recoverable from the first respondent under Assignment Agreement dated 27.03.2010. Therefore all the securities offered by the first respondent in favour of the second respondent Bank stood assigned to the applicant company. Learned counsel refers the Assignment Agreement. Learned counsel appearing for the Official Liquidator contends that unless form 8 and 13 has been placed on record, the second respondent cannot be treated as a secured creditor, in which case, question of the applicant company claiming to be secured creditor of the first respondent does not arise. In response, learned counsel appearing for the applicant company submits that the securities offered by the first respondent company have been entered in the register maintained by the second respondent vide entry No.571 in the Memorandum of Entry book with regard to the deposit of title deeds. He also refers the Photostat copy of the letter addressed to the Registrar of Companies forwarding the copies of form 8 and 13 for creation of charge. They also paid cash of Rs.130/- for registering the charge. The material brought on record indicates that the second respondent informed the Registrar of Companies by filing form 8 and 13 for registration of the charge. That amounts to substantial compliance of the provisions of the Act. The applicant, being an assignee under the Assignment Agreement, stepped into the shoes of the second respondent as a secured creditor. Accordingly, the Company Application is ordered. ______________________________ JUSTICE B. SESHASAYANA REDDY 13th April, 2011 VJL