2019 (11) TMI 1455 - Tri - Companies Law

Restoration of name of the Company in the Register of Companies maintained by the Registrar of Companies - Section 252 of the Companies Act, 2013 - HELD THAT - Section 252 of the Companies Act, 2013 provides that this Tribunal may allow the application for restoration of company on being satisfied that the company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company be restored to the Register of Companies. Accordingly, this Bench is satisfied that the prayer sought by the Petitioner deserves to be allowed on just and equitable grounds. The Registrar of Companies is directed to restore the name of the Respondent-Company in the Register of Companies, immediately.

Summary

Issues:
- Restoration of company name in the Register of Companies under section 252 of the Companies Act, 2013.

Analysis:
The Company Petition was filed seeking relief against the Respondent, the Registrar of Companies (ROC), Mumbai, to restore the name of the Company in the Register of Companies. The Petitioner argued that the company's name was struck off by the ROC, and there were pending income tax proceedings and outstanding demands under the Income Tax Act, 1961. The Petitioner highlighted that the Erstwhile Company was assessed for tax under the Income-tax Act, 1961, and assessment proceedings were ongoing. Additionally, financial transactions for the Assessment year 2011-12 were mentioned, with a notice issued under section 148 of the I.T. Act, 1961. The Petitioner expressed concerns about the difficulty in assessing the company due to its struck-off status, leading to potential revenue loss for the Government of India.

The Authorized Representative for the Respondent ROC did not object to the restoration of the company's name. The Petition was filed within the limitation period specified in Section 252 of the Companies Act, 2013. The Tribunal, considering the circumstances and Section 252 provisions, found that the company should be restored if it was carrying on business or in operation at the time of being struck off, or if restoration is deemed just. Consequently, the Tribunal ordered the Registrar of Companies to immediately restore the name of the Respondent-Company in the Register of Companies. The Company Petition was allowed and disposed of accordingly, with instructions to communicate the order to the relevant authorities.