2022 (12) TMI 318

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....by the order dated 10.08.2021 passed by the National Company Law Tribunal (Court-V, New Delhi) in Appeal 171/252/ND/2020 whereby and whereunder appeal filed by the Directors of the Company for restoration of the name of the Company in the Register maintained by the Registrar of Companies (RoC) was dismissed by the Tribunal. 2. The facts giving rise to this Appeal are as follows: i) The Appellant Company was incorporated under the Companies Act, 1956 on 14.07.2006 as a private company limited by shares and the same is registered with the office of Registrar of Companies, NCT of Delhi & Haryana. The Company is carrying on business of development of software and main objects of the Company to carry on the business of manufacturing trading im....

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....lance sheets and complying with other requirements of the Companies Act, 2013 and rules made thereunder. iv) Mr. Kamal Kishore & Mr. Lokesh Tyal has been appointed as the directors in the above said company in the year 2017 for managing the affairs of the company. The appointment of the above said director was duly approved by the Respondent. The company has taken a land from Rajasthan State Industrial Development and Investment Corporation Limited ("the Corporation") for the purpose of carrying on business and operation. The said Corporation vide letter dated 20.11.2017 has admitted that the appellant company has started the production on the above said plot as on 21.12.2013 and asking for the late starting fees. The company is having Ass....

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....ned order. 3. The Ld. Counsel for the Appellant during the course of argument and in his memo of Appeal submitted that while passing the impugned order the Tribunal failed to consider that the Respondent-RoC has not raised any ground whatsoever for rejecting the appeal for revival of the Appellant Company and has simply shifted the burden on the Appellant Company to prove that the Appellant Company was carrying on business and operations. Therefore, in the absence of any objection from the Respondent there were no grounds with the Tribunal to reject the Appeal of the Appellant Company. The Tribunal also failed to consider that the company has property in their name which is duly reflected in the balance sheet also, the income tax returns f....

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.... the fact that the financial statements 2016-2017, 2017-2018, 2018-2019, 2019-2020 and Income Tax Return of the Appellant Company shows that the Appellant Company is having substantial movable as well as immovable assets. Therefore, it cannot be said that the Appellant Company is not carrying on any business or operations. Hence, we are of the view that the order passed by the NCLT, New Delhi as well as RoC, NCT Delhi & Haryana is not sustainable in law. 6. In view of the aforenoted, we set aside the impugned order dated 10.08.2021 passed by the National Company Law Tribunal (Court-V, New Delhi) in Appeal 171/252/ND/2020. The name of the Appellant Company be restored to the Register of Companies subject to the following compliances. i) A....