AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2023 (2) TMI 672
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....ed by the Appellants being aggrieved and dissatisfied by the order dated 11.03.2020 passed by the National Company Law Tribunal (New Delhi Bench-IV) in Appeal No. 471/252/ND/2019 whereby and whereunder appeal filed by the Appellant being Director of M/s Anand Synthetic Private Limited for restoration of the name of the Appellant 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 Anand Synthetics Private Limited (hereinafter referred to as "Company") was incorporated in New Delhi under the provisions of the Companies Act, 1956 on 21.03.1972, under its present name vide Certificate of Incorporation iss....
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....out to prepare the Book of Accounts, the Managing Director of the company Mr. Harbhajan Singh Anand, expired on December, 2008. Thereafter, dispute arose regarding the transmission of shares and thereby financial statements could not be prepared as there was a deadlock between the Shareholders. Subsequently, on 09.11.2010, one Mr. Thaminder Singh Anand, who was the Son of Mr. Harbhajan Singh Anand, filed a Petition under 397, 398 read with Section 402 and 203 and 235 of the Companies Act, bearing Company Petition No. 78(ND)/2010 before the Company Law Board, alleging acts of oppression and mismanagement by the Company. During the pendency of the said proceedings, the financial statements could not be made. On 20.09.2013, a compromise/settle....
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....1 of "Striking Off", the Appellant approached the Tribunal under Section 252 of the Companies Act, 2013 seeking to restore the name of the company in the Register of the Companies, maintained by the Respondent No. 1 and after hearing the parties, the Tribunal dismissed the Appeal against struck off notice and passed the order impugned which led to filing of this Appeal. 3. The Ld. Counsel for the Appellant during the course of argument and grounds mentioned in the memo of appeal along with written submissions, submitted that the Tribunal did not consider the facts that the present company could not be operative due to the reasons underlying and that the company has fixed assets but due to the disputes and death of Managing Director, the co....
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....outstanding Income Tax liability and the company has been fulfilling its other statutory obligations in respect of payment, of Taxes, it would be just and expedient to afford a chance to the appellant to file their Returns with the ROC. The company owns valuable immovable assets which are generating income on account of which also it should not be struck off. The non-adherence to the statutory provision on time can be rectified by imposing cost. Merely to disallow the restoration on this grounds would neither be just nor equitable. Under such circumstances, the appeal merits consideration. It should only be in exceptional circumstances that courts should refuse restoration when the company had been struck off for its failure to file annual ....
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....;Fixed Assets' but under 'Inventories' as the company is engaged in real estate business, we are of the view that Section 252(3) of the Companies Act in relation to the 'just' cause can be invoked and will also be appropriate under the facts and circumstances of the present case and restoration of the company will not prejudice any of the stakeholders including the Income Tax which has not even considered filing its objection. Under these circumstances the Company stands restored." 7. It is further submitted that the Company is ready to pay all statutory dues and penalty and want to restart the company at the earliest. In light of the above-mentioned facts and circumstances, the restoration of the Appellant Company ough....
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.... facts and circumstances, the present appeal deserves dismissal with exemplary cost. 10. After hearing the parties, going through the pleadings made on behalf of the parties and in view of the fact that the Appellant Company was in some disputes and death of the Managing Director, the company could not file its Annual Returns. Further, the Appellant Company has regularly paid payment of Taxes and having valid Sale Deeds dated 20.09.1972, 20.12.1972 & 21.03.1975 and the Municipal Corporation of Faridabad has issued an Encumbrance Certificate dated 04.09.2019, it shows that the land in which the factory of the Company is located, is currently the name of the Company and also having huge assets of the Company. Hence, we are of the view that t....