TaxTMI 
TaxTMI 
2019 (8) TMI 882
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....gainst order dated 13th March, 2018 passed by the National Company Law Tribunal, Single Bench, New Delhi in Appeal No. 256/2017 by virtue whereof appeal preferred against order dated 29th August, 2011 passed by the Registrar of Companies, Delhi striking off the name of 'M/s Nexus Marketing Pvt. Ltd.' (for short the 'Company') has been dismissed taking into consideration the fact that no demand for tax was in place at the time of striking off the Company and one of the erstwhile Directors namely Mr. Hem Prakash Sharma undertook to settle the tax demand as may be raised by the Revenue in relation to the Company. The Revenue, styling itself as a creditor, seeks reversal of the order passed in appeal by the Tribunal on certain grounds to which ....
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....wever, ROC did not produce the original record on the ground that the same being older than eight years was not traceable/ readily available. 3. The Revenue, while assailing the impugned order passed by the Tribunal in its capacity as the Appellate Authority, seeks restoration of the Company to its original number in the Register of ROC primarily on the ground that the Tribunal landed in error in dismissing the appeal preferred by the Revenue by holding that the Revenue was yet to quantify the demand and that even the estimate of tax that may be due had not been disclosed anywhere in the appeal, thus the Revenue did not fall in the category of 'Creditor' under Section 252(3) of the Companies Act, 2013 and hence could not have filed the a....
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....Guidelines for Fast Track Exit Mode (FTE) for Defunct Companies under Section 560 of the Act issued vide General Circular No. 36/2011 by the Ministry of Corporate Affairs and implemented w.e.f. 3rd July, 2011 provided for fast track exit by a defunct company for getting its name struck off from the Register of Companies. For these Guidelines a 'defunct company' meant any company having Nil asset and liability and not commenced any business activity or operation since its incorporation or not carrying on any business activity for one year prior to making of an application under FTE. Such company having active status or identified as 'dormant' became entitled to apply for getting its name struck off from the Register of Companies. Under the g....
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....examine whether the fundamental principles of jurisprudence have been observed in compliance. Whether the Company resorted to FTE with malafide intention of defrauding the Creditors would be a consideration having a bearing on the application of FTE Guidelines for defunct companies but before dwelling upon the question of Revenue being a Creditor qua the Company on the material date, it would be of primary importance to find whether the Company was 'defunct company' within the meaning of FTE Guidelines. Nil asset and liability was a sine-qua-non for a company to fall within the ambit of a 'defunct company'. Non-commencement of business activity/ non-operation since incorporation or non-operation for last one year prior to filing of applicat....
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.... subsequently raised by Revenue in terms of Assessment Order dated 28th December, 2017 during pendency of appeal proceedings before the Tribunal is concerned, same being a subsequent event and an issue not amenable to Appellate Jurisdiction across the ambit of this appeal, it would be open to the Revenue to approach the Tribunal in regard to breach, if any, of such undertaking violating the orders of the Tribunal. However, same cannot be a ground justifying restoration of the Company's name in the Register of ROC. 8. Yet another aspect cannot be overlooked while parting with this judgment. Striking off the Company which was a Private Company, from the Register of Companies, indisputably does not absolve its erstwhile Directors who are li....