9911796707
TMI Blog2022 (11) TMI 1284X X X X Extracts X X X X X X X X Extracts X X X X ..... oach for restoration of company on the roll of ROC. In the present appeal we have noticed from the material on record that to some extent the company in question was in operation during the relevant period. It is not in dispute that Learned NCLT has rightly recorded that the company was not generating funds, but only on account of non-generation of fund, the prayer of a struck off company for its restoration under Section 252(3) of the Act may not be rejected if a company is in a position to satisfy that the company was in operation. Appeal allowed. - COMPANY APPEAL (AT) 24 OF 2021 - - - Dated:- 14-11-2022 - ( Justice Rakesh Kumar ) Member ( Judicial ) And ( Dr. Ashok Kumar Mishra ) Member ( Technical ) For the Appellant : Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant while assailing the impugned order has raised objection that the Learned NCLT erroneously in para 13 of the order has recorded that the counsel for the company had admitted that the company was not in operation during the said period. To substantiate his submission the learned counsel for the appellant has taken this Tribunal to certain documents particularly Page No.146 and other relevant documents to show that though the company was not earning profit but the company was in operation since they were receiving the money for purchasing the land and lending money as per Memorandum of Association. As per learned counsel for the appellant the company was incorporated for carrying on business in India and elsewhere the business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wat, learned counsel for the ROC, of course, regarding restoration has not raised any objection but he has referred to certain conditions which were raised by the ROC in case restoration is allowed. Such condition have been reproduced by NCLT in its order at running page 43 and 44 of Memo of Appeal in para 7(i) to 7(vii) which are as follows:- i) The petitioner will file all the overdue statutory returns vize Balance Sheet and Annual Return for the years which have not been filed and also other event-based documents if any, with fees and additional fees as required under the Companies Act, 2013. ii) The publication of notice in two leading newspaper circulation in the district and official Gazette of Government of India, in regard to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny during the relevant period was in operation though not generating any revenue, it may approach for restoration of company on the roll of ROC. In the present appeal we have noticed from the material on record that to some extent the company in question was in operation during the relevant period. It is not in dispute that Learned NCLT has rightly recorded that the company was not generating funds, but only on account of non-generation of fund, the prayer of a struck off company for its restoration under Section 252(3) of the Act may not be rejected if a company is in a position to satisfy that the company was in operation. Before the NCLT on behalf of the appellant following relevant documents were produced:- i) Copy of Certificate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed and also other event-based documents if any, with fees and additional fees as required under the Companies Act, 2013. ii) The publication of notice in two leading newspaper circulation in the district and official Gazette of Government of India, in regard to the restoration of the name of the company on the register maintained in the office of the Respondent as per the draft approved by the respondent, at the cost of the petitioner. iii) The petitioner will produce the acknowledgement of filing of the all the Income Tax returns with the Income Tax Authorities. iv) The petitioner will produce the copies of Bank statement. v) The petitioner will produce the relevant documents for carrying out the business and to ensure ..... X X X X Extracts X X X X X X X X Extracts X X X X
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