9911796707
TMI Blog2021 (8) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies Act, 2013 for seeking restoration of the Appellant Company in the register maintained by the Registrar of Companies, NCT of Delhi and Haryana (RoC). 2. As per the averments, M/s. Swastik Finbuild India Private Limited was incorporated on 19.01.1996 with CIN No. U70101DL1996PTC075596 having its registered office at 59/4336, Padam Singh Road, Karol Bagh, New Delhi-110005, which is within the jurisdiction of this Tribunal. 3. That as per the Memorandum of Association annexed the Appellant Company has the following objects "...To carry on the business as Owners, Builders, Colonisers, Developers, Promoters, Proprietors, Occupiers, Lessors, Civil Contractors, Engineers Consultants, maintainer and mortgagers of residential, commercia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wastik Finbuild India Pvt. Ltd. Vs Bhawani Parshad & Ors., before the court of Civil Judge, Junior Division, Gurugram District Court seeking relief of "Suit for Mandatory Injunction and Permanent Injunction." It is added that the suit was decided in the favour of the Appellant Company on 04.01.2014. However, an appeal was filed before the Additional District Judge, Gurugram against the said order and the same was also decided in the favour of the Appellant Company on 01.09.2015. 7. It is added by the Appellant that a Second Appeal against the Judgement dated 04.01.2014 and 01.09.2015 has been filed before Hon'ble High Court of Punjab and Haryana vide RSA no. 841/2016 titled as "Bhawani Prasad Dead Through LR's & Ors. Versus M/s. Sw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction to revival of the Company, it has submitted ......"That while passing any order this Hon'ble Court may consider the Judgement of Hon'ble NCLAT (passed) in the case of M/s. Alliance Commodities Pvt. Ltd. Vs. Office of Registrar of Companies - WB, CA (AT) No. 20 of 2019, which was subsequently upheld by the Hon'ble Supreme Court in the matter of M/s. Alliance Commodities Pvt. Ltd. Vs. Office of Registrar of Companies - WB (CA No. 7258 of 2019) vide order dated 23.09.2019. 11. That vide order dated 07.07.2021, this Bench had directed the Appellant to file a short written synopsis along with the present status of Execution proceedings and Second Appeal. The same is on record. 12. That the Appellant Company, in its written sy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny intention to do any business. 17. From perusal of the record of Litigation also, it is observed that there are other parties too on the side of Appellant Company through which the Litigation may continue and be pursued. That the pending litigation against the Appellant Company cannot be the sole ground to seek its revival since the Litigation can still be carried on by the other contesting parties. 18. That the Appellant Company has not brought anything on record, which could substantiate that the Appellant Company was in operation or was doing any significant business, at the time when its name was struck off from the register of RoC. Further, we are of the view that a company cannot be restored solely to litigate. 19. In the current ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin the permissible time limit to take care of situations where it would be just and fair to restore company in the interest of company and other stakeholders. Such instances can be innumerable. However, this term "or otherwise" cannot be interpreted in a manner that makes room for arbitrary exercise of power by the Tribunal when there is specific finding that the Company has not been in operation or has not been carrying on business in consonance with the objects of the Company. A Shell Company or a Company having assets but advancing loans to sister concerns or corporate persons for siphoning of the funds, evading tax or indulging in unlawful business or not abiding by the statutory compliances cannot be allowed to invoke this expression ..... X X X X Extracts X X X X X X X X Extracts X X X X
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