Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 949 - AT - Companies LawName struck off from the Register of Companies - failure to file Financial Statements and Annual Returns - appellant wanted the company to be restored so that it could comply with the winding up procedure and the company could have an honourable exit - Held that:- If restoration of the name of the Company was to be allowed only for the purpose of winding up, it would defeat the very purpose of striking off the company. It also found that the appellant/petitioner had no assets other than nominal cash balance in the current liabilities and there was no justification for restoring the name of the company. It is not a case that the Company was carrying on business or was conducting its operations and default in filing took place. The object of Section 252 appears to be to safeguard companies which were carrying on business or were in operation so that they should get opportunity to be restored. We do not find that there would be justification to restore the name of the company only for the company to go through the process of winding up, or closure. As the appellant tried to submit that because of the striking off of the present company the directors have been affected due to DIN getting blocked and they are aggrieved because they are connected with other companies also. Learned counsel was unable to show that any such ground was taken before NCLT or in the Company Petition. As such we have not allowed the learned counsel to raise this new ground for the first time in the appeal. Again, it would also be no ‘just’ cause under Section 252(3) of the new Act. Appeal dismissed.
|