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TMI Blog2010 (4) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... he petitioner was rendered on 14th March, 2007, i.e. before the date of the Gazette Notification notifying that the name of H.N. Explosives Pvt. Ltd. has been struck off the Register of Companies. It is clear that the amount claimed by the petitioner was against an incorporated company, which was a legal entity recognized under the Companies Act, 1956, and the arbitration award in question was also rendered against such a company. When H.N. Explosives Pvt. Ltd. was struck off from the Register of Companies by the respondent, it ceased to exist. Although, the liability of persons falling within the ambit of the first proviso to Section 560(5), who were directors, managers, officers exercising any power of management and members of the ers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der S.560(6) of the Companies Act, 1956, seeking restoration of the name of H.N. Explosives Pvt. Ltd. to the Register of Companies maintained by the Registrar of Companies. 2. H.N. Explosives Pvt. Ltd. was incorporated under the Companies Act, 1956 on 17th April, 1989 as a private limited company with the Registrar of Companies, NCT of Delhi and Haryana. 3. The petitioner herein is Indian Explosives Ltd, and is stated to be a creditor of the erstwhile company H.N.Explosives Pvt. Ltd. 4. The Registrar of Companies, i.e the respondent herein, struck the name of H.N.Explosives Pvt. Ltd. off the Register on the ground of non-filing of returns. The requisite notification was duly published in the Official Gazette on 23rd June, 2007 at S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 7. A petition for restoration of the name of a company to the Register of Companies under Section 560(6) of the Companies Act, 1956 can only be made by the company, a member or a creditor. A creditor is entitled to maintain a petition for restoration only if he was a creditor at the time the name of the company was struck off from the Register of Companies. Here, the arbitration award in favour of the petitioner was rendered on 14th March, 2007, i.e. before the date of the Gazette Notification notifying that the name of H.N. Explosives Pvt. Ltd. has been struck off the Register of Companies. It is clear that the amount claimed by the petitioner was against an incorporated company, which was a legal entity recognized under the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed litigation and were actually taking part in it. To my mind, the above ratio would be equally applicable to the instant case of a company which was in existence when the arbitral award was rendered. 9. Notice in this petition was issued to the Directors of H.N.Explosives Pvt. Ltd., which has been duly served. However, there is no appearance on their behalf, despite such service. 10. Seeing that this petition was moved on 14th May, 2008, i.e. well within the stipulated period of limitation for initiation of proceedings under S.560, Companies Act, 1956, which is twenty years from the date of publication of the notice striking off the name of the company from the Register, to my mind, this is a fit case for the exercise of the powe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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