TMI Blog2021 (1) TMI 575X X X X Extracts X X X X X X X X Extracts X X X X ..... that it has certain assets which necessitate and justify the restoration of its name in the Register of Companies. A step as stringent as what has been taken at least requires an opportunity to the appellant to take remedial measures. Merely to disallow restoration on grounds of its failure to file annual returns would neither be just nor equitable. As per several decisions of various courts it should only be an exceptional circumstance that court should refuse restoration where the company has been struck off for its failure to file annual return as that would be excessive or inappropriate penalty for that oversight. It is therefore the Registrar of Companies, the Respondent herein, is ordered to restore the Original status of the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies, Uttar Pradesh having CIN U70200UP2008PTC035798 . ii. The Appellant Company is involved in Real estate activities on a fee or contract basis and this class includes buying, selling, renting managing and appraising real estate on a fee or contract basis. This class also includes the service activities provided by Munshi. The same is mentioned in the Memorandum of Association of the Company. iii. Appellant submitted that the Registrar of Companies (Respondent herein) vide Gazette Notification dated 07.01.2019, struck off the Appellant Company's name due to default in statutory compliances w.r.t filing of Financial Statements and Annual Returns thus giving the status of a Dormant Company u/ s 455(1) of Companies Act, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant has placed before us the Audited Balance Sheets for the Financial year 2013-2014 to 2018-2019 in which the last audited balance sheet for the year ending 31 st March, 2019 reflects that though the company's revenue from operation is shown as nil but the company has assets (fixed and current) amounting to ₹ 1,49,02,857/- including inventories of ₹ 49,88,940/-, cash and cash equivalents of RS. 61,094/- and current assets of ₹ 3,30,823/- which shows that company is in operation and can restart its business with the assets available. As per the details, the Appellant Company is having substantial assets. Therefore, it cannot be said that the Appellant Company is not carrying on any business or operations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2013 read with Rules made thereunder. 9. The provisions pertaining to restoration of the name of the company has been provided in Section 252 of the Companies Act 2013 which includes that, if it is just and equitable to restore the name of the company in the Registrar of Companies, it may direct the RoC to restore the name in its Register. 10. The Appellant has been able to satisfy this bench that it has certain assets which necessitate and justify the restoration of its name in the Register of Companies. A step as stringent as what has been taken at least requires an opportunity to the appellant to take remedial measures. Merely to disallow restoration on grounds of its failure to file annual returns would neither be just no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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