TMI Blog2017 (7) TMI 1298X X X X Extracts X X X X X X X X Extracts X X X X ..... because the company failed to reply to the notices issued by the O/o ROC. This Court is expected to adopt a liberal approach for allowing restoration of the name of the company in the Registrar of the ROC, and by allowing the same no serious prejudice is going to cause to a third party. As the company is still having its assets with no creditors, therefore, company can restart well its business upon being restored in the Register of the ROC. Restoration of name is allowed - application allowed. - CA No. 9/ALD/2017 - - - Dated:- 31-7-2017 - Mr H. P. Chaturvedi, Member (Judicial) For The Appellant : Mr Siddharth Singhal, Advocate ORDER H.P. Chaturvedi, Member (J) 1. The present petition is filed by the applicant company M/s. Snap Pack Private Ltd. and others seeking for restoration of its name in the Register of the Registrar of Companies Kanpur Uttar Pradesh. The applicant company has prayed for such declaration to this effect that its name has not been struck off further, a declaration to be made public, (under Section 560(5) of the Companies Act, 1956 read with corresponding provision Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting, importing, exporting, fabricating or otherwise dealing in all types, grades, kinds, sizes like colour/black and white photographic papers, roll films, cinema film, X-ray film, graphic art film, other film and allied products like photographic chemicals, reagents, substances, equipments, instruments, accessories. ii. To carry on the business of manufacturers, convenors exporters, importers, buyers, sellers, agent, processors and dealers in products like moulded articles, tubes, profiles, mouldings, films, sheets bottles, containers, caps made from or constructing of whether in part of plastic, rubber or any other synthetic materials of all types grades and descriptions. iii. To carry on the business if manufacturing, converting, producing, processing, finishing, coating, buying, packing, selling, distributing, importing, exporting, fabricating, laminating or otherwise dealing in all types and varieties of paper and paper board including whether or not coated, printed, laminated, impregnated, covered, coloured, gummed, carbon, paper transfer, thermal, reinforced, embossed, perforated, bleached. A copy of the certificate o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amboli Road. Village Kala, Khanvel, Silvass (Union territory of Dadar and Nagar Haweli). 7. It is further stated that the packing business of the applicant company received a proposal to do the job work for M/s. India Polyfilms Limited which was having its Plant located near by the land purchased by the applicant. The M/s. India Polyfilms Limited is having its Registered Office at 5, Hanuman Road, New Delhi-110 001. 8. The applicant company has explained such stating that before the applicant company could setup its Plant on the purchased land some changes took place as the India Polyfilms Limited got merged with M/s. Jindal Polyester Limited in the year 1999-2000, and it decided to shut down its Plant at Khanvel in the year 2000. Hence, on account of such fortuitous circumstances the applicant company could not commission its civil work for the Plant in Indian Polyfilms limited which was renamed as M/s. Jindal Poly Films Limited on 19th April, 2004, by the M/s. Jindal Polyester Limited, (the resultant company,) 9. It is slated that M/s. Jindal Poly Films Limited has been successfully running its other Plants and has staggering turnover ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e annexed to the present application as ANNEXURE-6 13. It is submitted that the directors of the company are interested in the restoration of the name of the company in the Register of the Registrar of Companies, U.P. In support of this an affidavit of a director of the company who is also a company's shareholder has been filed as ANNEXURE-7 to the present application. It is also stated that the other directors have also agreed to file of the present application. 14. It is further submitted that each one of its present and ex-shareholders are interested in restoration of the name of the company and each of present and ex-shareholders have filed affidavit for the purpose of restoration of the name of the company in the Register of the Registrar of Companies, U.P., which are marked as ANNEXURE-8 and ANNEXURE-9 to the present application. 15. It is stated that there is huge asset available with the company with firm commitment for restart of business. It is stated that there is going no loss to any one by running the company. The company will start its business soon after its name is restored by the direction of this Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es some communication sent by the Registrar of Companies dated 18.02.2010 to the applicant company informing it about Gazette Notification to be published for deleting striking of the name of company from the register of ROC. Having effect of the company would stand dissolved in such communication, the applicant's company's name finds place at serial 2825. Another, a communication dated 11.05.2010 was further communicated in respect of Gazette Notification to be published by the Government of India Press, on notices issued by the ROC to defaulter companies under Section 560(5) of the Companies Act. Such notification also includes the name of the applicant company at serial No. 2802 (at ANNEXURE-6). Thus, the office of the Registrar of Company has substantiated its decision to deregister the applicant company on account of its failure to comply with statutory mandatory provision e.g. by not filing of its statutory returns since 1997, with the Ministry of Corporate Affairs or on its portal nor filing of statutory documents with its office. Despite sufficient opportunities were provided and notices issued to the company by its officer. The O/o. ROC also stipulated such conditi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company was, at the time of striking of the company, carrying on business or was in operation; (ii) it is otherwise just that the company be restored. The first of this proposition can be answered by a report of the ROC which in this case was positive and this report of the ROC had in fact been considered while passing and order for the restoration of the company. The second is a prima facie finding by the Court persuading it to believe that it was just to restore the company. 10. The judicial precedents on this subject clearly are in favour of the restoration of the company and it is only by way of an exception that the restoration should be disallowed. Normally the rule is to allow the restoration. Exercising discretion against restoration would thus be an exception and not the rule. The court would also be varying of refusing restoration so as to possibly safeguard the interest of one particular class of affected persons. This is a discretionary power and is evident from the use of the word may in Section 560(6). A statutory period of 20 years 'limitation has also been provided in the section for a party to seek restoration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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