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2022 (12) TMI 413 - AT - Companies LawRestoration of name of the Company - Seeking permission from this Tribunal, to file the Income Tax Returns, for the Assessment Years 2017-18, 2018-19, 2019-20 and 2020-21 - the documents were not filed before the Tribunal - HELD THAT:- In the instant case, according to the Appellant, because of slow down in the Real Estate market after completing its Real Estate Projects in 2014-15, the Appellant / Company, continued to do its incidental works and continue to generate Revenue and to look after the proper Real Estate Project, but lot of money was stuck in the hands of Appellant’s Debtors’, for which, the Appellant/ Company, initiated proceedings and eight criminal cases (under Section 138 of the N I Act, 1881) are pending (before the various Metropolitan Magistrate Courts), against its Debtors, (ranging from Rs.1,00,000/-, Rs.15,000/-, Rs.3,00,000/-, Rs.1,15,000/-, Rs.9,00,000/-, Rs.3,00,000/-, Rs.60,000/- and Rs.22,500/- respectively), and that apart, is to recover approximately Rs.18,12,500/- from its Debtors, in respect of sums. The Appellant / Company in the instant Appeal has come out with a plea that in the event of Revival of the Company and the Restoration of name of the Company, in the Register, maintained by the Respondent, it shall file all Outstanding Statutory Documents, Viz. the Financial Statements for the Financial Years from 2016-17, 2017-18 and the Financial Statement and Annual Return 2018-19, along with the Filing Fees and the Additional Fee, as applicable on the Date of Actual Filing, and the Certified copy of the Order of Tribunal, for the Restoration of name of the Company, to the Register, maintained by the Respondent. On a careful consideration of the contentions advanced on side of the Appellant / Company, this Tribunal, taking out of the fact that the Appellant / Company has initiated various proceedings before the Criminal Courts (8 in number) against its Debtors, and is to recover approximately Rs.18,12,500/- from its Debtors and bearing in mind of the prime fact, Right to seek the name of the Company (to be entered, in the Register of Companies), is not Lost or Extinguished, as long as 20 years had not expired and apart from these, the Appellant / Company, in the instant Appeal, had unequivocally averred that in the event of Revival of the Company and Restoration of the Company’s name in the Register, maintained by the Respondent, it shall file all Statutory Documents Viz. Financial Statements from 2016-17, 2017-18 and Financial Statement and Annual Return for 2018-19 along with Filing Fees and the Additional Fees, etc., in all Justness, Fairness, Equitableness and Reasonableness, by exercise of sound discretion, deems it Prudent, Just and Proper, to Restore the name of the Appellant / Company, and that Laches / Omissions / Lapses (Failures), on the part of the Appellant / Company’s management, in not submitting the filing of Annual Returns and Financial Statements, in time, can be saddled with a Levy of Costs, to prevent an Aberration of Justice, and to promote Substantial Cause of Justice, otherwise, it will cause Irreparable Harm / Hardship, Inconvenience and serious Prejudice to the Appellant / Company, as opined by this Tribunal. The impugned order is set aside - appeal allowed.
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