Company name restoration ordered under Companies Act sec. 252 after non-compliance strike-off. Stakeholders' interests prioritized.

The Tribunal, citing Section 252 of the Companies Act, 2013, ruled in favor of restoring the company's name that was struck off by the Registrar of Companies. The company, engaged in civil services exam coaching, faced strike-off due to non-compliance. Despite acknowledging the appellant's lapses, the Tribunal considered the company's assets and interests of stakeholders, directing restoration within 30 days upon meeting specified conditions and payment of costs. The decision emphasized transparency and adherence to legal requirements in the restoration process.

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Issues: Restoration of Company Name

Detailed Analysis:

1. Background and Facts:
- The appeal was filed under Section 252 of the Companies Act, 2013 for the restoration of the name of a company struck off by the Registrar of Companies, Uttar Pradesh.
- The company was involved in coaching centers for civil services exams and faced strike-off due to default in statutory compliances.

2. Appellant's Submission:
- The appellant contended that the company was active since incorporation but failed to file financial statements and annual returns due to oversight and loss of documents.
- They emphasized compliance with income tax and presented evidence of substantial assets to justify restoration.

3. Respondent's Counter:
- The Registrar of Companies stated that due process was followed before striking off the company's name, and no response was received to show cause notices.
- Income tax authorities highlighted limited tax filings by the company in recent years.

4. Tribunal's Consideration:
- The Tribunal acknowledged the non-compliance by the appellant but noted reasons such as adverse market conditions for the lapse.
- It found the company to be a living entity based on submitted documents and considered the interests of shareholders and creditors in the restoration.

5. Legal Provisions and Decision:
- The Tribunal referred to Section 252 of the Companies Act, 2013, which allows restoration if just and equitable.
- It ruled in favor of restoration, directing the Registrar to restore the company's name, change status to 'Active,' and ensure compliance with statutory filings within 30 days.

6. Additional Directions:
- The appellant was instructed to pay a cost of Rs. 50,000 for revival, publish the order in the Official Gazette, and issue a notice in a leading newspaper.
- The Registrar was tasked with verifying and approving the notice and publishing the restoration in the Official Gazette at the appellant's expense.

7. Conclusion:
- The appeal was disposed of with the decision to restore the company's name, subject to compliance with specified conditions and payment of costs, ensuring transparency and legal formalities in the restoration process.

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