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2023 (11) TMI 688 - AT - Companies LawSeeking for restoration of the name of the Company Garg Medical Solutions Private Limited in the register maintained by the Registrar of Companies (RoC) - HELD THAT - The said Company was struck off on 08.08.2018. The Appellant had complied with the statutory filing for the Financial Year 2016-17 and statutory filing for Financial Year 2017-18 was not due. The said Company had outstanding payable to three Creditor totalling to Rs.21 Lakhs/-. The said Company is also owing one Immovable Property. In Calcutta Rubber Factory Pvt. Ltd. Ors. Vs. Registrar of Companies, Delhi and Haryana, 2019 2019 (12) TMI 342 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI it was held that restoration of the Company was considered just and equitable on the grounds that the Company is having Assets. In the present case, the Company had complied with the statutory filings till Financial Year 2016-17 and the statutory filings for Financial Year 2017-18 were not due as on the date of striking off of the Company. The Company is having assets and liabilities. It owns one property and has liability to repay credits of Rs.21 Lakhs/- Since the Company has substantial assets and liabilities, it cannot be said that the Company is not carrying on any business for operations. The impugned order set aside - The name of the Appellant Company is restored to the Register of Companies subject to the compliances imposed - appeal allowed.
Issues:
The issues involved in the judgment are the restoration of the name of a company in the register maintained by the Registrar of Companies and the compliance with statutory provisions under the Companies Act, 2013. Issue 1: Company Restoration The appeal was filed against the Impugned Order dated 28.09.2021 passed by the NCLT in Appeal 16/252/ND/2021 seeking restoration of the name of the Company in the register maintained by the Registrar of Companies. The Company, Garg Medical Solutions Private Limited, was considered defunct due to nil revenue from operations during the Financial Year 2016-17 to 2018-19. The NCLT dismissed the appeal due to lack of evidence showing business operations. Issue 2: Compliance with Statutory Provisions The Counsel for the Appellant argued that the Company had complied with statutory filings until the Financial Year 2016-17 and had unsecured Creditors totaling Rs.21 Lakhs. They claimed that the Company had done all statutory compliance and filing for the Financial Year ending 31.03.2017. The Appellant also highlighted the ownership of a Fixed Asset, a property in Faridabad, Haryana, and distinguished the case from that of a shell Company. The Respondent, Office of the Registrar of Companies, NCT of Delhi and Haryana, contended that the Company failed to demonstrate ongoing business operations and referred to the decision in the case of `Alliance Commodities Pvt. Ltd.’ Vs. `Office of Registrar of Companies, West Bengal. Judgment Upon reviewing the submissions, the Tribunal found that the Company was struck off on 08.08.2018, had complied with statutory filings until 2016-17, and had outstanding liabilities and assets. Citing previous decisions, the Tribunal concluded that restoration was just and equitable due to the Company's assets and liabilities. The Impugned Order was set aside, and the name of the Appellant Company was restored to the Register of Companies with specified compliances. The Appellant was directed to pay costs, file annual returns and balance sheets, and comply with other statutory requirements.
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