Tribunal restores company name in Register of Companies under Companies Act, 2013

The National Company Law Tribunal, Cuttack Bench, granted the appellant's request in CP (Appeal) No. 140/CTB/2020 under Section 252(3) of the Companies Act, 2013, to restore the company's name in the Register of Companies. The Tribunal accepted evidence presented, directing the Registrar of Companies, Odisha, to reinstate the company's name with specified conditions, including filing pending documents, payment of costs, and compliance with directives, while reserving the right to address any other violations.

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Issues:
1. Application under Section 252(3) of the Companies Act, 2013 to revoke the order striking off the company's name.
2. Compliance with statutory filing requirements and restoration of the company's name in the Register of Companies.
3. Evidence presented by the appellant to support the claim of being a going concern.
4. Decision and directions of the National Company Law Tribunal, Cuttack Bench.

Analysis:

Issue 1: Application under Section 252(3) of the Companies Act, 2013
The case involved an application filed by one of the directors and shareholders of a struck-off company under Section 252(3) of the Companies Act, 2013, seeking the restoration of the company's name in the Register of Companies. The company, a Private Limited Company, was struck off by the Registrar of Companies, Odisha, due to defaults in statutory filing compliances, specifically for failing to file Financial Statements and Annual Returns for multiple years.

Issue 2: Compliance with statutory filing requirements and restoration
The appellant argued that the non-filing was due to management issues, although the company was operational. The Tribunal considered evidence presented, including Audited Annual Accounts, Company Master Data, Memorandum of Association, Articles of Association, Income Tax Return, and Bank Account Statement. The Registrar of Companies had initiated proceedings under Section 248 of the Companies Act, 2013, leading to the striking off of the company's name.

Issue 3: Evidence of the company being a going concern
The appellant provided financial statements showing that the company had not generated revenue during certain years but had recorded profits in others, indicating it was a going concern. Additionally, a bank statement and Income Tax Return Acknowledgement for a specific year were submitted to support the claim that the company was operational when its name was struck off.

Issue 4: Decision and directions of the Tribunal
After reviewing the submissions, facts, and documents, the Tribunal accepted the appellant's request and directed the Registrar of Companies, Odisha, to restore the company's name in the Register. Specific orders were given regarding the filing of pending statutory documents, payment of costs for revival, compliance with directions, and publication of the order in the Official Gazette. The restoration was subject to certain conditions and did not preclude further actions for any other violations committed by the company.

In conclusion, the Tribunal's decision in the matter of CP (Appeal) No. 140/CTB/2020 resulted in the restoration of the company's name in the Register of Companies, subject to compliance with specified requirements and payment of costs.

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