2023 (2) TMI 328

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....led by the Appellant/Company being aggrieved and dissatisfied by the order dated 20.09.2021 passed by the National Company Law Tribunal (New Delhi, Bench-V) in Appeal No. 98/252/ND/2021 whereby and whereunder appeal filed by the Appellant/Company for restoration of the name of the Company in the Register maintained by the Registrar of Companies (RoC), NCT of Delhi and Haryana was dismissed by the Tribunal. 2. The facts giving rise to this Appeal are as follows: i) The Company GRS Properties Pvt. Ltd. having CIN No. U7102DL2011PTC223657 was incorporated in 11.08.2011 under the provision of Companies Act, 1956 by Shri Chander Shekhar who was/is promoter director of the Company. The authorised capital of Company was 1,00,000/- and the paid-....

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....ir plans as the health of the directors deteriorated and they could not work on their vision. As the directors were based on London, they were unable to travel to India as required from time to time due to their ill health. In the mean time before anything substantial could happen the company was struck off as per provision of Section 248 (1) (c) of the Companies Act, 2013 read with Rule No. 9 of the Companies (removal of names of Companies from the Register of Companies Rules, 2016) in October, 2019. Now the Company is struck off and it cannot use or sell its substantial assets i.e. the property mentioned above. Against the order of the Respondent, the Appellant preferred an Appeal under Section 252(3) of the Companies Act, 2013 before the....

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....t is further submitted that the company was always willing and forthcoming filing its financial returns but it was prevented by its extraneous circumstances and any default in filing is due to inadvertence. The accounts of the Appellant company were prepared and audited and that the company had engaged the services of a Company Secretary in Practice (D. Maharathi & Associates) to perform the task of filing the returns with the office of the Registrar of Companies and did not reveal this fact to the Directors of the Appellant Company. It is further submitted that it was only in March 2021, when the balance sheet as at 31st March, 2020 and the Auditor's Report in respect thereof was ready to be filed with the Respondent that the fact of non-f....

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.... the Year 2015-16, 2016-17, 2017-18, 2018-19 & 2019-20 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 National Company Law Tribunal (New Delhi, Bench-V) as well as Registrar of Companies, NCT Delhi & Haryana is not sustainable in law. 8. In view of the aforenoted, we set aside the impugned order dated 20.09.2021 passed by the National Company Law Tribunal (New Delhi, Bench-V) in Appeal No. 98/252/ND/2021. The name of the Appellant/Company be restored to the Register of Companies subject to the following compliance....