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2020 (10) TMI 126 - Tri - Companies LawRestoration of name of the company in the Register of Companies maintained by the Registrar of Companies - failure to file Financial Statements and Annual Returns for more than two continuous financial years - not carrying on any business or operation for a period of immediately preceding two years - no application made for obtaining the status of Dormant Company under section 455 of the Companies Act, 2013 - section 252(3) of the Companies Act, 2013 - HELD THAT:- On perusal of the records, it appears that the name of the company was struck off for the failure on the part of the company to file the statutory documents for a continuous period of more than two years, as mandatorily required under the statute and also for not carrying on the business. On hearing the submissions of the Learned Counsel appearing on behalf of Petitioner and on perusal of the Audited Accounts submitted by the Petitioner Company and the documents provided on record, the Bench has observed that the company has assets & liabilities in its Books of Accounts during the immediately preceding two years from the date of striking off of its name by the Registrar of Companies - Therefore, it would be just and equitable to provide an opportunity to the company to rectify its defaults and continue the business. The prayer sought by the Petitioner company deserves to be allowed - Respondent is directed to restore the name of the Petitioner company to the Register of Companies subject to payment of a sum of ₹ 50,000/- - Petition allowed.
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