Court orders payment to PM-CARES Fund for company name restoration.

The Court allowed the Company Petition, directing the Petitioner to pay a cost of Rs. 50,000 to the PM-CARES Fund within thirty days for restoration of the company's name in the Register of Companies. The Petitioner must also file all pending Financial Statements and Annual Returns within the same period. Failure to comply would vacate the restoration order. Once conditions are met, the Registrar of Companies will defreeze the company's accounts, enabling it to continue business operations.

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Issues:
1. Restoration of company name in the Register of Companies after being struck off due to defaults in statutory compliances.

Analysis:
The Company Petition was filed seeking relief against the Respondent Registrar of Companies for striking off the company's name from the Register of Companies due to defaults in filing Financial Statements and Annual Returns for more than two continuous financial years. The Petitioner argued that the defaults were due to inadvertence and provided evidence of audited accounts and other documents to support its claim. The Respondent had initiated the process of striking off the company's name, leading to its dissolution. The Court observed the company's assets and liabilities during the relevant period and found it just and equitable to provide an opportunity for rectification and continuation of business.

The Court, after considering the submissions and documents provided by the Petitioner, decided to allow the Company Petition. The Petitioner was directed to pay a cost of Rs. 50,000 to the PM-CARES Fund within thirty days for restoration of the company's name in the Register of Companies. Additionally, the Petitioner was required to file all pending Financial Statements and Annual Returns with applicable fees within the same period. Failure to comply with these conditions would automatically vacate the order for restoration. Upon compliance, the Registrar of Companies was instructed to communicate with bank authorities for defreezing the company's accounts.

In conclusion, the judgment favored the Petitioner by allowing the restoration of the company's name in the Register of Companies, subject to fulfilling the specified conditions. The decision aimed to rectify the defaults in statutory compliances and provide an opportunity for the company to continue its business operations.

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