TaxTMI 
TaxTMI 
2019 (10) TMI 1382
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.... Company in the Register of Companies, West Bengal. 2. The Appellant's averments in brief are as follows:- a) The Appellant Company is a private company limited by Shares with CIN: U45400WB2012PTC189564 incorporated on 26.12.2012 under the provisions of the Companies Act, 1956, to carry on the business of real estate, developers, and builders. A copy of the Memorandum and Articles of Association of the Company is annexed and marked as "Annexure A-4" to the appeal. b) The Registrar of Companies / Respondent struck off the Appellant Company's name from the Register maintained by it pursuant to Section 248 of the Companies Act, 2013 and consequently, the said company is dissolved with effect from 09.06.2017 ....
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....year. All necessary documents are ready with the Company for submission/filing before the Respondent/ Registrar of Companies, West Bengal. The Company has an active Bank Account where transactions are taking place on regular basis, copy of which is annexed as "Annexure A-7". The Appellant further states that the Company is functional and regular in its operation and that the Company will suffer irreparable loss if its name is not allowed to be restored and hence, prays for an order for restoring the name of the Company in the Register of Companies maintained by Registrar of Companies, West Bengal. 3. Notices were sent to RD, Eastern Region, ROC, West Bengal and the concerned Income Tax Department. However, apart from ROC, West Bengal, no....
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....of the Companies Act, 2013. Further, it is submitted that as per provision of Section 248 (5) of the Companies Act, 2013, after the expiry of the prescribed time period and as no response has been received from the Company and the public, a notice (in STK No. 7) dated 30.06.2017 was issued by the Registrar of Companies, West Bengal reflecting the name of the Company as struck off w.e.f. 09.06.2017. The Appellant Company's name appears at Sl. No. 4364 of the Registrar of Companies Notice (STK-7) dated 30.06.2017 and the same was published in the Official Gazette on 15.07.2017. d) The Respondent further submits that the Na tional Company Law Tribunal has the power to decide as to whether the company can be allowed to revive under....
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....he appeal) for the financial years ending 31.03.2013 to 31.03.2018 that the Company is a going concern, but a look at the financial statements on the other hand shows that the company was not doing any kind of business. The data available in the said financial statements for the consideration of this appeal is summarised below:- S. No. Financial Year Assets (Rs.) Liability (Rs.) Turnover (Rs.) Profit /(Loss) (Rs.) 1. 2012-13 14,61,359.00 14,61,359.00 - (74,389.00) 2. 2013-14 1,22,78,170.00 1,22,78,170.00 - (39,189.00) 3. 2014-15 1,74,25,198.00 1,74,25,198.00 - (48,330.00) 4. 2015-16 1,76,50,342.00 1,76,50,342.00 - (54,487.00) 5. 2016-17 ....
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....produced to strengthen the contentions on side of the appellant. Notes to the Financial Statements for the entire period from 2012-13 to 2017-18 reveal that Current Liabilities include Short-term borrowings to one "Majumder Enterprise" and certain "Advance to Customers" is also seen during some of the financial years. That being so and the Company not doing any business as on the date of striking off therefore, possibility of attempts of siphoning of funds to evade tax by the Company or other stakeholders in the Company cannot be ruled out from the peculiar nature and circumstances brought out in the case in hand. 10. The Hon'ble National Company Law Tribunal, New Delhi Bench vide order dated 23rd April, 2018 in Appeal No.116/2....
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....s Pvt. Ltd. v. Office of Registrar of Companies, West Bengal (Company Appeal (AT) No. 20 of 2019):- "9. .... This term "or otherwise" has been judiciously used by the legislature to arm the Tribunal to order restoration of a struck off company within the permissible time limit to take care of situations where it would be just and fair to restore company in the interest of company and other stakeholders. Such instances can be innumerable. However, this term "or otherwise" cannot be interpreted in a manner that makes room for arbitrary exercise of power by the Tribunal when there is specific finding that the Company has not been in operation or has not been carrying on business in consonance with the objects of the Company. A ....