TaxTMI 
TaxTMI 
2022 (6) TMI 171
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....of the Appellant Company that it was incorporated on 28th April, 2006 under the Companies Act, 1956 and is engaged in the field of 'Real Estate Development Projects'. The Appellant has submitted that there is an ongoing dispute with 'Mathura Vrindavan Development Authority' (MVDA) and the 'Hon'ble High Court of Judicature at Allahabad' vide its order dated 04th February, 2016 in Writ -C No. 38625 of 2012 (appearing at page no. 58 of the Appeal Paper Book) has observed as follows: "The Writ Petition is pending since 2012. In our opinion, if the petitioner has any grievance in the matter, he is at liberty to approach the State Government under Section 41(3) of the U.P.Urban Planning and Development Act, at the first instance. The Writ Petition is dismissed with the aforesaid liberty." 3. It is also stated by the learned counsel for the Appellant that there is an advance against MVDA to the extent of Rs. 71,00,000/- appearing under the heading Long-Term Loans and advances (Non-current Assets) in the 'Balance Sheet' of the Appellant Company as at 31st March, 2017 duly audited by the 'Chartered Accountant' FRN-01253N for SAGC And Associates - Sanjeev Kumar ....
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....cuments, if any, within thirty days from the date of receipt of this notice. 3). Unless cause to the contrary is shown within the time period above mentioned, the name of the above mentioned company shall be liable to be removed from the register of companies. However, the directors of the company shall be liable for appropriate action under the Act." 7. The Respondent has also stated that no 'Income Tax Return' have been annexed by the Appellant. The dispute between the Appellant Company with a third party cannot be a ground for non-filing of 'Balance Sheet' or' Annual Income Tax Return'. If it is a real estate company, it should have placed ownership of certain land and property or fixed assets or some projects under development which they have not done and accordingly, this appeal deserves to be dismissed. 8. The NCLT while passing the impugned order dated 21st December, 2020 has observed at para 5, 6, 8, & 10 as depicted below: "Para 5 - It is averred by the Appellant that it has an ongoing dispute with the Mathura Vrindavan Development Authority. Therefore, it could not file its Annual Returns, Financial Statement and Income Tax Returns with the statuto....
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....led with the Income tax department so far. The Learned Standing Counsel did not provide any negative input about the Appellant Company. However, the extract appearing at page 58- Annexure E reflects that the Appellant got the bid of MVDA being the highest bidder and for meeting the requirement of 25 % of the bid offer, they deposited a Cheques of State Bank of India for Rs. 3 lakhs and the same was bounced. The Appellant failed to get the bid because of non-compliance of the terms and conditions of the auctions and hence its security money was also forfeited. The Hon'ble High Court of Judicature at Allahabad has asked the Appellant to approach the 'State Government' under Section 41(3) of the 'U.P Urban Planning And Development Act', if he has any grievance in the matter. The Appellant has approached the State Government on 10.04.2018 (as per the oral submission) and has not received any response so far. d) It is quite astonished to observed that the Hon'ble High Court of Judicature at Allahabad passed the order on 04th February, 2016 and the Appellant has approached the 'State Government' on 10.04.2018 after the lapsed of two years. This itself seems to be a casual approa....
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....w: "Section 248: Power of Registrar to remove name of company from register of companies. 248. (1) Where the Registrar has reasonable cause to believe that- (a) a company has failed to commence its business within one year of its incorporation 1 [or]; (b) 2 [***] (c) a company is not carrying on any business or operation for a period of two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company under 3 [section 455; or] [(d) the subscribers to the memorandum have not paid the subscription which they had undertaken to pay at the time of incorporation of a company and a declaration to this effect has not been filed within one hundred and eighty days of its incorporation under sub-section (1) of section 10A; or (e) the company is not carrying on any business or operations, as revealed after the physical verification carried out under sub-section (9) of section 12.] he shall send a notice to the company and all the directors of the company, of his intention to remove the name of the company from the register of companies and requesting them to ....
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.... the company dissolved under sub-section (5), shall continue and may be enforced as if the company had not been dissolved. (8) Nothing in this section shall affect the power of the Tribunal to wind up a company the name of which has been struck off from the register of companies." "Section 252 - Appeal to Tribunal. 252. (1) Any person aggrieved by an order of the Registrar, notifying a company as dissolved under section 248, may file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar and if the Tribunal is of the opinion that the removal of the name of the company from the register of companies is not justified in view of the absence of any of the grounds on which the order was passed by the Registrar, it may order restoration of the name of the company in the register of companies: Provided that before passing any order under this section, the Tribunal shall give a reasonable opportunity of making representations and of being heard to the Registrar, the company and all the persons concerned : Provided further that if the Registrar is satisfied, that the name of the company has been struc....
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....A and it could not succeed. It is also very much clear that this company has given an advance of Rs. 71 lakh to the MVDA as the same is reflected in the Balance Sheet on 31.03.2017, 31.03.2018 & 31.03.2019 duly signed by the Board of Directors - Mr. Ajay Kumar Gupta and Mr. Ashok Kumar Gupta and counter signed by the Chartered Accountant- D.Mangla & Associates FRN - 030756N - Darpan Mangla, Partner M.No.539744 and the same is also reflected in the Balance Sheet on 2016-17 which has been signed by these two Directors and the Chartered Accountant - FRN-01253N for SAGC And Associates - Sanjeev Kumar Garg (Partner) M.No.093936. k) In the past also, this Tribunal has taken a soft attitude for restoration of the name of the company, perhaps keeping in mind the growth of the economy. The Income tax department also did not inform any negative input about the company. Although, they have not submitted their reply in writing but in the oral submissions on specific query, they did not spell out any negative input about the company. The ROC is also dissatisfied only on the limited ground that the Appellant company has not filed their Balance Sheet and hence have assumed that they are ....
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....= Document 1 SUBH LAXMI COLONIZERS PRIVATE LIMITED CIN 106, BAHUBALI ENCLAVE VIKAS MARG EXTN. NEW DELHI-110092 U70101DL2006PTC148474 BALANCE SHEET AS AT 31ST MARCH 2019 As At 31st March 2019 PARTICULARS L EQUITY AND LIABILITIES (1) Shareholders' Funds Share Capital Reserve and Surplus (2) Non-current Liabilities Long term borrowings Advance against property (3) Current Liabilities Other current liabilities Short term Provisions NOTES NO. 3(1) 3(2) 1,00,000.00 (24,697.00) 3(3) 3(3)A 64,62,500.00 7,20,000.00 3(4) 20,000.00 3(5) Total 72.77.803.00 As At 31st March 2018 1,00,000.00 (17.542.00) 64,62,500.00 7,20,000.00 15,000.00 72.79,958.00 II. ASSETS (1) Non-current assets (a)Long-term loans and advances (b)Other Non Current Assets (2) Current assets Cash & Cash Equivalents Total 3(6) 3(7) 71,00,000.00 1,27,618.00 71,00,000.00 1.27,618.00 3(8) 50,185.00 72,77,003,00 52.340.00 72,79,958.00 This is the Balance Sheet referred to in our report of even date and should be read in conjuction with the accompanying notes....