Tribunal Orders Restoration of Company Name & Bank Account Activation

The Tribunal allowed the appeal under section 252(1) of the Companies Act, 2013, ordering the restoration of the company's name in the Register of Companies and activation of its bank account. The company provided evidence of its operational status during the strike-off period and agreed to fulfill necessary returns filing requirements. The Tribunal directed compliance with statutory obligations within 30 days of restoration, including marking directors' DIN as "Active" and facilitating urgent addition of new directors if needed. Certified copies of the order were to be communicated to the appellant, Income-tax Department, and RoC for compliance.

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Issues involved:
Restoration of company's name in Register of Companies and activation of bank account due to strike off notice.

Detailed Analysis:
The appellant, a company, filed an appeal under section 252(1) of the Companies Act, 2013, seeking restoration of its name in the Register of Companies and activation of its frozen bank account. The Registrar of Companies (RoC) had struck off the company's name due to non-compliance with statutory requirements, specifically for not filing statutory documents since 2014-15. The company, operational at the time of strike off, claimed that the omission to file returns and financial statements was inadvertent. The appellant provided evidence of its operational status during the strike-off period, including financial statements, bank statements, and income tax returns for the relevant years.

The RoC had no objections to the restoration, provided the company fulfills the necessary returns filing requirements under the Companies Act, 2013. Similarly, the Income-tax Department raised no objections to the restoration, emphasizing compliance with statutory obligations. After considering the facts and submissions, the Tribunal found it appropriate to restore the company's name in the Register of Companies. The Tribunal allowed the appeal, ordering the restoration of the company's name with specified directions. These directions included the payment of costs to designated funds and associations within a stipulated timeframe.

Furthermore, the Tribunal directed the company to comply with all statutory requirements within 30 days of name restoration. The restoration would render the company operational in all aspects, including bank account functionality, without the need for separate directives. The RoC was instructed to mark the DIN of directors as "Active" and facilitate urgent addition of new directors if necessary, in line with relevant legal precedents and directives. Certified copies of the order were to be communicated to the appellant, Income-tax Department, and the RoC, Jaipur for necessary action and compliance.

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