Judgment The petitioner was before this Court contending that the petitioner-Company has been defunct for long, from 2010 onwards, and that under a Scheme formulated by the Central Government, the petitioner had applied for winding up of the Company after filing returns, which have been defaulted. By that time, the Registrar of Companies had filed a prosecution before the Economic Offences Court at Ernakulam, which is produced at Exhibit P1, for reason of it having not filed the annual returns as prescribed under the Companies Act, 1956 as also for not convening of Annual General Body Meeting. The petitioner, in the above writ petition, sought for keeping in abeyance the prosecution proceedings till a decision is taken in the winding up application. 2. I have heard learned counsel for the petitioner, learned Central Government Counsel for respondents 1 and 2 and the learned Standing Counsel for the 3rd respondent. 3. It was also brought to the notice of this Court that the Registrar of Companies had declined the consideration under the Fast Track Exit Scheme, since the petitioner-Company's assets are said to have been encumbered and charged to the 3rd respondent, which was recorded by the Registrar of Companies as provided under the Companies Act. The petitioner asserted that there is no such due to the 3rd respondent and it is only for the reason of the Company being defunct that the charge was not lifted, after clearing the dues to the 3rd respondent. 4. The 3rd respondent has also filed a counter affidavit, clearly indicating that there is no amount outstanding in the name of the petitioner herein and that no recovery proceedings are also pending. The charge noticed in favour of 3rd respondent, in the above circumstance, shall stand lifted. 5. In the above circumstances, it is only proper that the application under the Fast Track Exit Scheme be considered by the 1st respondent. Till such time, the proceedings at Exhibit P1 shall stand stayed. The writ petition is disposed of as above. No costs.