TaxTMI 
TaxTMI 
TaxTMI 
2023 (2) TMI 736
X X X X Extracts X X X X
X X X X Extracts X X X X
....artment. JUDGMENT Justice Anant Bijay Singh; The present Appeal under Section 421 of the Companies Act, 2013, has been filed by the Appellants being aggrieved and dissatisfied by the order dated 12.11.2021 passed by the National Company Law Tribunal (New Delhi Bench, Court-II) in Appeal 78/252(ND)/2021 whereby and whereunder appeal filed by the Appellants 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 Appellant No. 1 - Trau Projects Private Limited was incorporated under the provisions of the Companies Act. 1956 ("Act") as a Private Limited Company with the R....
X X X X Extracts X X X X
X X X X Extracts X X X X
....k, hotels, building, godowns, pleasure grounds, pars, gardens, docks, jitries, embankments, buds, bridges, wharves, canals, irrigation reclamations, improvement, sewage, sanitary telegraphic, telephone works, warehouse, markets, public buildings and all other such civil and related constructional works and convenience of public utility. 4. To develop the land for Jann houses by providing roads & other facilities such as water supply and sale the same and to erect and construct farm houses buildings or work civil and construction of every description on any land of the company or upon any other such lands or immovable property and to pull down, rebuild, enlarge, alter and improve such lands into roads, highways, streets, squares, gardens a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....by them. Further, Section 252 of the Act itself provides ample time to a company to show reasonable cause that the Company is carrying on business or is in operation, however, that time has not been made available in the present case for the aforementioned reasons. The Appellant Company has been carrying on its operations on a going concern basis since its incorporation and hence for the sole reason that inadvertently the Appellant Company failed to file the statutory returns in time, striking off of the name of the Appellant Company from the register of Respondent would result in bringing the working of a running company to stand still, thereby adversely affecting not only the Appellant Company but its shareholders, creditors and other sta....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pany doing real estate project and also has firm plans to enhance its business. The assets in the form of real estate and is undertaking real estate project development. In order to corroborate the submissions, the Appellants have also filed before the Tribunal copies of audited financial statements for the financial years from 2013-14 to 2019-20 and Audited balance sheets for the financial years 2015-16, 2016-17 & 2017-18 as also the Copies of acknowledgment Receipt of Income tax Return for the Assessment Year 2020 reflecting a business loss and particulars of agricultural land, which the Appellants intend to buy for the projects being carried out at Gurgaon, though it has admitted that it has yet to execute conveyance deeds and sale deeds....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o respond. Subsequently, this office also issued public notice for the same in the form of STK-5 in May, 2017. Thereafter, the name of the company was struck off as per the provisions of section 248(1)(c) of the Companies Act, 2013 read with Rule 9 of the Companies (Removal of Names of Companies from the register of Companies) Rule, 2016 vide notice in the form of STK-7 dated 07.06.2017. 8. It is further stated that the Appellant Company was not carrying out any operation for a period of 2 immediately preceding financial years. The Company was unable to produce before the Tribunal any just and equitable grounds for restoration, therefore, their petition was dismissed. Since the company was neither able to prove that it was carrying any bus....