- 1 - HC-KAR NC: 2026:KHC:10970 CA No. 3 of 2026 IN COP No. 89 of 1998 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 20THDAY OF FEBRUARY, 2026 BEFORE THE HON'BLE MR. JUSTICE SURAJ GOVINDARAJ COMPANY APPLICATION NO. 3 OF 2026 IN COMPANY PETITION NO. 89 OF 1998 BETWEEN: THE OFFICIAL LIQUIDATOR OF M/S. PEGASUS TRAVELS LTD., (IN LIQUIDATION), ATTACHED TO THE HONBLE HIGH COURT OF KARNATAKA, 12THFLOOR, RAHEJA TOWERS, NO.26-27, MG ROAD, BENGALURU-560 001. …APPLICANT (BY SRI. JAGADESHAGOUD PATIL., ADVOCATE FOR O.L) AND: 1. NIL …RESPONDENT THIS COMPANY APPLICATION IS FILED UNDER SECTION 481(1) OF THE COMPANIES ACT, 1956 READ WITH RULE 9 OF THE COMPANIES (COURT) RULES, 1959 PRAYING TO DIRECT THAT M/S. PEGASUS TRAVELS LTD., (IN LIQUIDATION) SHALL STAND DISSOLVED UNDER SECTION 481(1) OF THE COMPANIES ACT, 1956 SUBJECT TO SECTION 559(1) OF THE COMPANIES ACT, 1956 AND ETC. THIS COMPANY APPLICATION, COMING ON FOR ORDERS THIS DAY, ORDER WAS MADE THEREIN AS UNDER: Digitally signed by VARSHA N RASALKAR Location: HIGH COURT OF KARNATAKA - 2 - HC-KAR NC: 2026:KHC:10970 CA No. 3 of 2026 IN COP No. 89 of 1998 CORAM: HON'BLE MR. JUSTICE SURAJ GOVINDARAJ ORAL ORDER 1. C.A.No.3/2026 has been filed seeking for the following reliefs; a) To direct that M/s Pegasus Travels Ltd., (in Liquidation) shall stand dissolved under Section 481 (1) of the Companies Act, 1956 subject to Section 559(1) of the Companies Act, 1956. b) To permit the Official Liquidator to transfer the unspent balance amount of the Company (in Liquidation) to the Estate and Establishment fund account maintained by the Official Liquidator after meeting the incidental liquidation expenses i.e., Audit fees, Central Government fees, Income Tax and Court Fee etc. c) To pass such other order or orders as this Hon’ble Court may be deem fit and proper in the circumstances of the case. 2. I have heard learned counsel for the Official Liquidator and perused the materials placed on record. 3. It is submitted that, as on 19.12.2025, a sum of Rs.1,23,031/- alone is available to the credit of the Company in liquidation and that there are no other - 3 - HC-KAR NC: 2026:KHC:10970 CA No. 3 of 2026 IN COP No. 89 of 1998 movable or immovable assets from which any further realisation can be effected. It is further submitted that the secured creditor, namely Federal Bank, has lodged a claim for Rs.2,52,04,840/-, which remains wholly unsatisfied, and the Official Liquidator is not in a position to make any payment towards the said claim. 4. Learned counsel further submits that claims from third-party secured or unsecured creditors have not been invited. It is pointed out that even if such claims were to be invited, the funds presently available would be wholly insufficient to meet any such claims. Indeed, the amount now available would scarcely suffice to meet the expenses towards paper publication. 5. In the peculiar facts and circumstances of the case, where the Company has no realisable assets, where the admitted secured debt far exceeds the available - 4 - HC-KAR NC: 2026:KHC:10970 CA No. 3 of 2026 IN COP No. 89 of 1998 balance, and where the funds on hand are insufficient even to meet the expenses of publication, I am of the considered view that directing publication or inviting further claims would serve no useful purpose. Such an exercise would be purely formal and would not advance the object of the liquidation proceedings. 6. It is evident that the affairs of the Company have been completely wound up in substance and that nothing further remains to be done by the Official Liquidator in the matter of realisation or distribution. 7. As such, I pass the following: ORDER i) C.A.No.3/2026 is allowed. ii) M/s. Pegasus Travels Ltd., (in liquidation) is declared to have been dissolved under Sub-Section (1) of Section 481 of the Companies Act, 1956, subject to Sub-Section (1) of Section 551 of the Companies Act, 1956. - 5 - HC-KAR NC: 2026:KHC:10970 CA No. 3 of 2026 IN COP No. 89 of 1998 iii) The official liquidator is permitted to transfer the aforesaid amount of Rs.1,23,031/- along with interest which has been accrued thereon to the Estate and Establishment Fund created by the official liquidator. iv) Accordingly, COP No.89/1998 stands closed. SD/- (SURAJ GOVINDARAJ) JUDGE KTY