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2021 (1) TMI 5 - Tri - Companies LawRestoration of the name of the 1st Respondent Company in the Register of Companies maintained by the Registrar of Companies, Telangana - section 252(3) of the Companies Act, 2013, read with rule 87A of the National Company Law Tribunal (Amendment) Rules, 2017 - HELD THAT:- It is seen from the pleadings and documents that the Applicant not only filed the copies of income computation statements for the financial years 2016-17 and 2017-18, but also filed copy of the statement of Bank account i.e., Canara Bank A/c No. 2493201005710 for the period 01.11.2017 to 05.11.2019. Various entries in this account show day to day transactions with various parties located within and outside Hyderabad. Such transactions do support the contention of the Applicant that it is a functional, going concern - Further, the counsel for the Applicant has also submitted copies of Assets and Liabilities, Revenue figures, profit/loss figures for various years based on the Audited Financial Statements, from which it appears that the 1st Respondent Company has been doing business but failed to file Annual Returns and Income Tax Returns due to reason said in the Application. The provisions of Section 252(3) of the Companies Act, 2013 stipulate that this Tribunal may direct restoration of 1st Respondent name, if it is just and equitable to do so. In view of the averments made and evidence placed, refusal to restore will be an excessive penalty for the over-sight on the part of the 1st Respondent Company - The 2nd Respondent (ROC) is directed to restore the name of 1st Respondent Company in the Register of Companies. Application allowed.
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