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2020 (9) TMI 706 - Tri - Companies LawRestoration of the name in the Register maintained by the Registrar of Companies, Maharashtra, Pune (RoC) - section 252(3) of the Companies Act, 2013 read with rule 87-A of National Company Law Tribunal Rules, 2016 - HELD THAT:- It appears that the petitioner company had entered some business dealings in respect of some other land with a company, Synergyone Infradevelopers Private Limited. Following disputes, Synergyone Infradevelopers Private Limited filed a complaint with the police authorities, who registered a First Information Report (FIR) against the petitioner company and its directors for cheating, criminal breach of trust, fraud and misappropriation of funds - On 23.05.2018, the Petitioner Company addressed a letter to Janta Land Promoters Private Limited, the company entrusted with the construction of the school on the allotted site, requesting for an update on the status of construction. A letter dated 23.08.2018 has been placed on record, wherein Janta Land Promoters Private Limited, the allotters of the site, have requested the Petitioner Company to pay the remaining sum immediately so that the possession of the site can be delivered. It is observed that the Petitioner Company has invested ₹ 6,75,00,000/- (Rupees six crore and seventy-five lakh only) for allotment of a School site with Janta Land Promoters Private Limited. It has been maintaining a bank account with IDBI Bank wherein ₹ 38,40,414/- has been maintained - Under Note 6 of the Notes to Accounts forming part of the Balance Sheet of the Petitioner Company as at 31.03.2019, the advance ₹ 6,75,00,000/- paid to Janta land Promoters Private Limited against the Memorandum of Understanding has been reflected. In BASANT KUMAR BERLIA AND ASHOK AGARWAL VERSUS REGISTRAR OF COMPANIES, KOLKATA AND M/S HORIZON ISPAT COMPANY PRIVATE LIMITED [2019 (4) TMI 738 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], while considering a similar case where there was no revenue from operations, the Hon’ble National Company Law Appellate Tribunal, observed that in the light of huge investment made by the company and above reasons, it would be just that the name of the company is directed to be restored. Petition allowed.
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