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TMI Blog2019 (6) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... in the form of Rule 153 of the National Company Law Tribunal Rules, 2016, the NCLT had sufficient powers to extend time - Rule 11 of the Rules gives Inherent Powers to the NCLT to pass such Orders as are required to meet the ends of justice. Thus we need not burden this Judgement by referring to Rulings referred to by parties on the subjects of Review, or Peremptory Orders. In the present matter, where clearly there was litigation going on between the parties and even Investigating Auditor had been involved and gave Report, and the Company Petition was pending, it was wrong on the part of ROC in the first place to have struck off the name of the Company in set of present facts. Looking to the period from 2003 till 2017, and the fact that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Company had been incorporated with the object of being builder, etc. and the Appellants had 50% shareholding. The Appellants claimed that the present Respondents 2 and 3 and other Directors of the Company had been managing the Company for 15 years and the books of accounts and other documents were in their control. Respondent No.2 had filed CP 25/2004 claiming oppression and mismanagement which was disposed of by CLB on 22.06.2009 and thereafter by Order dated 26.02.2010, a Chartered Accountant had been appointed as Investigating Auditor who submitted Report on 25th February, 2015 reporting that Respondent No.2 Rajiv Kumar Singh had siphoned money. The Appellants claimed before NCLT that the original Respondents 2 and 3 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany till the removal of R-1 from Directorship were with respondents. The books records may be obtained by the appellants from the respondents to make statutory compliances after 2003 to date. Respondents are also directed to hand over the books and records of the company available with them to the appellant to enable them to make all statutory compliances. NCLT was of the view that as there were serious allegations of financial mismanagement and fraud and that, the merits required that the Company should be revived. NCLT passed following Orders:- 7. In view of the CP No.25/2004 pending against the company, wherein interalia serious allegations of financial mismanagement, fraud have been alleged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther documents but the Respondents 2 and 3 did not oblige. Consequently, according to the Appellants, they moved the NCLT again with an application on 5th September, 2018 to extend the time for finalization of the accounts and to file the same with ROC. The NCLT, however, passed following Order:- C Appeal No.124/ALD/2018, CA No.211/2018 Sh. S.K. Gupta along with Sh. Ankit Kumar Singh, PCS(s) for applicants and Sh. Pradeep Singh Sisodia, CGSC for the ROC, Kanpur is present. This CA No.211/2018 has been filed by the applicant seeking extension of the period for filing of pending Financial Statements and Statutory Returns by a further period of 90 days. Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should have extended time for filing of the Returns. The Respondents 2 and 3 have filed Reply and they are arguing to put the blame on the Appellants and claimed that it is the Appellants who failed to discharge their statutory duties as Directors and they claimed that there was no default on their part. In the Reply, the Respondents are trying to answer the various allegations made by the Appellants with regard to the disputes between the parties (with which we are not concerned here). The learned Counsel for the contesting Respondents 2 and 3 has submitted before us that it is the Appellants who are in management and thus, wants the Appeal to be dismissed. 8. At the time of arguments, the learned Counsel for the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end time. Rule 153 of the National Company Law Tribunal Rules, 2016 read as under:- 153. Enlargement of time. - Where any period is fixed by or under these rules, or granted by Tribunal for the doing of any act, or filing of any document or representation, the Tribunal may, in its discretion from time to time in the interest of justice and for reasons to be recorded, enlarge such period, even though the period fixed by or under these rules or granted by the Tribunal may have expired. Apart from this specific provision, Rule 11 of the Rules gives Inherent Powers to the NCLT to pass such Orders as are required to meet the ends of justice. Thus we need not burden this Judgement by re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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