TMI Blog2020 (9) TMI 473X X X X Extracts X X X X X X X X Extracts X X X X ..... ement to purchase the land (Annexure 5) and the learned counsel representing petitioner-company has submitted that the company has filed appeal against the civil suit in respect of the specific performance before the High Court of Punjab and Haryana - thus, the ingredients provided for in 252(3) of the Act, are satisfied. The petition is allowed and the name of the company be restored in the Register of Companies, subject to deposit of ₹ 30,000/- as costs with the Pay and Accounts Officer, Ministry of Corporate Affairs within a period of three weeks from the receipt of certified copy of this order. - Company Appeal No. 20/Chd/Chd/2019 - - - Dated:- 19-3-2020 - HON BLE MR. AJAY KUMAR VATSAVAYI , MEMBER ( JUDICIAL ) And HON BLE MR. PRADEEP R. SETHI , MEMBER ( TECHNICAL ) For the Petitioner : Mr. Arun Kumar, Advocate Mr. Ajay Kumar Jain, Chartered Accountant For the Income Tax Department : Mr. Yogesh Putney, Advocate Mr. Harveet Singh Sehgal, Advocate JUDGMENT Per : Ajay Kumar Vatsavayi, Member (Judicial) The present petition in Form NCLT No.9 is filed by the petitioner, namely, Blue Sea Sites Private Limited (hereinafter referred to as the comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of Section 248 of the Act was published notifying the names of the companies which were struck off. The name of the company is stated to be at Serial No.2609 in the Form STK-7 (Annexure 4 of the petition). 5. It is submitted by the petitioner that after the incorporation the company, the company signed letter of consent on 16.12.2005 (Annexure A- 5a) for purchase of land under Punjab Apartment and Property Regulation Act, 1995 (as amended from time to time) and entered into an agreement to sell on 07.01.2006 (Annexure 5) for purchase of land for an amount of ₹ 4.25 Crores. Thereafter, company applied for grant of special package of incentive to Mega Multi Project with Chandigarh Administration and the same was granted by the Department of Industries Commerce, Chandigarh, vide Memo dated 22.09.2006 (Annexure 6). It is however, stated that dispute arose between the owners of the project land and the petitioner after execution of the sale agreement of such land. 6. Accordingly, civil suit for specific performance, being Civil Suit No.19 dated 07.01.2009/20.09.2016 was filed by M/s Blue Seas Sites Pvt. Ltd., the petitioner herein, against the land owners, which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner-company. It is also mentioned in the report that petitioner-company has not filed the annual return of the Income Tax for the Assessment Year(s) 2012-13 to 2018-19. 10. The petitioner-company vide Diary No.1849 dated 09.03.2020 has filed rejoinder, to the reports filed by ROC and the Income Tax Department, wherein it is stated that ROC had struck off the name of the petitioner-company from the register of companies on two grounds i.e. the company has not been carrying on the business or operation for period of two immediate preceding financial years and have not made application within such period for claiming the status of dormant company. With regard to the ground of not carrying on the business or operation, it is stated that petitioner-company has commenced business from the date when advance for purchase of the land was given. It has also been stated that due to the dispute that arose between the company and the land owners, resulting in litigations before the civil court and Hon ble Punjab and Haryana High Court, wherein stay has been granted by the Hon ble Punjab and Haryana High Court, the company has not surrendered its right in land and no decision for discontinua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petition under Section 252(3) of the Act. 15. Section 252(3) of the Act reads as under:- (3) If a company, or any member or creditor or workman thereof feels aggrieved by the company having its name struck off from the register of companies, the Tribunal on an application made by the company, member, creditor or workman before the expiry of twenty years from the publication in the Official Gazette of the notice under sub-section (5) of section 248 may, if satisfied that the company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company be restored to the register of companies, order the name of the company to be restored to the register of companies, and the Tribunal may, by the order, give such other directions and make such provisions as deemed just for placing the company and all other persons in the same position as nearly as may be as if the name of the company had not been struck off from the register of companies 16. The present petition is filed by the petitioner within a period of 20 years from publication in the Official Gazette of notice under Section 248(5) of the Act. 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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