https://www.taxtmi.com/caselaws?id=750745 The NCLAT Principal Bench allowed an appeal seeking restoration of company name struck off by ROC for non-filing of financial statements and annual returns since incorporation under Section 252 of Companies Act, 2013. The Tribunal found the company had substantial assets worth crores, current liabilities of Rs.88 crores, and suffered losses due to business partner's insolvency in 2017. Since ROC did not establish the company was a shell entity or engaged in fund siphoning, and nil revenue alone cannot justify striking off, the Tribunal restored the company name subject to compliance fulfillment and cost payment. en-us Fri, 15 Mar 2024 00:00:00 +0530 Fri, 29 Mar 2024 07:46:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750745 The NCLAT Principal Bench allowed an appeal seeking restoration of company name struck off by ROC for non-filing of financial statements and annual returns since incorporation under Section 252 of Companies Act, 2013. The Tribunal found the company had substantial assets worth crores, current liabilities of Rs.88 crores, and suffered losses due to business partner's insolvency in 2017. Since ROC did not establish the company was a shell entity or engaged in fund siphoning, and nil revenue alone cannot justify striking off, the Tribunal restored the company name subject to compliance fulfillment and cost payment. Case-Laws Companies Law Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750745