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TMI Blog2018 (4) TMI 1906X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany had also commenced acquisition of a valuable property at New Okhla Industrial Development Authority (NOIDA). It is further averred in the appeal that the appellant had entered into an agreement to sell with the owners of the said NOIDA property situated at No. 473, Sector 15A, New Okhla Industrial Area (NOIDA) on 15th November, 2010. Subsequent to agreement dated 15th November, 2010 being entered into for purchase of the property, it came, however, to the knowledge of the appellants that the actions of NOIDA authority are subject-matter of challenge in a suit titled as Dhody Properties &. Investment (P.) Ltd. v. NOIDA bearing Suit No. 300248/2001 instituted before the learned Civil Judge, Gautam Buddh Nagar, Uttar Pradesh. Learned counsel for the appellant also avers that under the Agreement dated 15th November, 2010, a part of the sale consideration towards the purchase of the property entered into between DPIPL and the appellant was required to be remitted to Indian Bank, Hauz Khas Branch, New Delhi for and on behalf of the said DPIPL which had created encumbrance over the said NOIDA property in an amount of Rs. 36,75,000 and which was paid by the appellant to release it fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act that the suit filed by DPIPL before the concerned court and the same is pending for adjudication the transaction contemplated under the Agreement to sell dated 15th November, 2010 is not able to be completed. 2. Respondent-RoC has also filed a reply to the appeal wherein it is contended that the position in which the company is in, i.e., without any operations, the company should have, under section 455 of the Companies Act, 2013 declared itself as a dormant company because of the fact that as per the records neither the company was carrying on any operation for a period of two immediately preceding financial years, in view of its inactivity. However, in the same breath, it has also been stated in the reply by respondent-RoC that in case this Tribunal is inclined to grant the prayer as made in the appeal the company be directed to file the financial statements up to date. 3. Upon directions of this Tribunal, a copy of the appeal along with annexure has also been given to the Income-tax Department and the Income-tax Department in the concluding portion of its observations has stated that there are no proceedings pending against the appellant-company and that no data is also av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proper for the RoC to restore the name of the company so that the litigation can come to a logical conclusion. Similarly, reliance has also been placed by learned counsel for the appellant on several other judgments rendered by courts in India to similar effect as above noted. 5. Perusal of the appeal filed by the appellant shows that the appellant has stated in the appeal of filing Income-tax Returns for the assessment years 2011-12 upto 2016-17 and the same has also been vouched by the Income-tax Department in its observations wherein it is stated that the Income-tax Department will have no objection if the name of the appellant-company is restored, as sought for in the appeal. 6. Coming next to the observations of RoC, namely, respondent, it is seen that the main plank of opposition of RoC seems to be that the appellant-company has not been carrying on or conducting business two years prior to the date of striking off. However, as rightly contended by learned counsel for the appellant in addition to the two situations of grounds contemplated, namely, that of the company carrying on business or was in operation at the time of striking off its name, the second situation, which i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... " between the words thereby providing for the two types of situations. We are in concord with the said ratio of the honble High Court of Delhi, more so the grounds for restoration as earlier provided section 560(6) has been retained as such without any change by the Legislature from which the intention of Legislature can be clearly gathered in the present dispensation as well. Further, it is also seen that where litigations are pending and where immovable property rights are involved as held in CP No. 406 of 2009 by the honble Delhi High Court, as in the instant case too as facts vouch, it is only proper that the name of the company be restored to the register. This Tribunal is of the view that, hence, there exists a just ground for the restoration of the name of the appellant-company in the register of RoC but, however, the restoration is subject to the following terms and conditions. The petitioner/appellant-company shall: (a) Within a period of 15 days from the restoration of the appellant-companys name in the register being maintained by the RoC, the appellant/petitioner will file, inter alia, its annual returns and balance sheets as well other compliances statutorily requir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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