TMI Blog2022 (12) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... substantial movable as well as immovable assets. Therefore, it cannot be said that the Appellant Company is not carrying on any business or operations. The name of the Appellant Company be restored to the Register of Companies subject to the conditions. - Company Appeal (AT) No. 53 of 2021 - - - Dated:- 9-12-2022 - [Justice Anant Bijay Singh] Member (Judicial) And [Mr. Kanthi Narahari] Member (Technical) For the Appellant : Mr. Mr. Ashutosh Gupta, Mr. Gaurav Rana and Mr. Yatharth Jain, Advocates. For the Respondent : Present but not marked appearance. JUDGMENT Justice Anant Bijay Singh; The present Appeal under Section 421 of the Companies Act, 2013, has been filed by the Appellants being aggrieved and dissati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anagement. iii) The Appellant Company has been approached with the new project as well and the board of directors after analyzing the project feels that the project is in the best interest of the shareholders as well as the society and have agreed to take the same for further endeavours. The Appellant Company will start the new project on the land that was taken on lease by the Appellant Company which was issued to the Appellant Company by Bihar Industrial Area Industrial Development Authority (BIADA) in Bihar measuring 3.50 Acre bearing Plot No. H-4, 5, 6 7, C-17(P), C-18, 19, 20, 21, 22 C-23 on 7th August 2007 for the establishment of power electricity Industry for a lease of 90 years. Thus, it categorically reflects that, Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring that the Appellant Company long term borrowings of Rs. 33,98,098/- which are still to be paid back to the Creditors. The Tribunal also failed to consider the fact that the Appellant Company has fixed assets worth Rs. 43,10,069.45/- which are still lying with the Company and the same cannot be utilized or disposed off while the Company is struck off. Further, the Tribunal has also not considered the fact that the huge cash cash equivalents of Rs. 3,72,176.21 and Financial Statements for the year 2014-15, 2015-16, 2016-17 which shows that the Company was in operation. The Tribunal has erred in fact and law by not appreciating the fact that the Company had taken land admeasuring 3.50 Acre bearing Plot No. H-4, 5, 6 7, C-17(P), C-18, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies Act, 2013. After expiry of time as mentioned in notice published/sent and non-receipt of any objection from the company/directors, Dissolution in form STK-7 having effect from 07.06.2017 was published on the website of Ministry of Corporate Affairs on 07.06.2017. Further, it is stated that since the Company was neither able to prove that it was carrying any business before it was strike off nor have produced any supporting information for just and equitable ground for revival before the Tribunal, therefore, in view of the above, the present Appeal deserves to be dismissed. 5. On the other hand, the Respondent No. 2/ Income Tax Department in his reply stated that in connection with the case of M/s Poorvanchal Urja Pvt. Ltd. (PAN: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of Companies, NCT Delhi Haryana is not sustainable in law. 7. In view of the aforenoted, we set aside the impugned order dated 21.12.2020 passed by the National Company Law Tribunal (New Delhi, Special Bench, Court-II) in Appeal 389/252/(ND)/2020. The name of the Appellant Company be restored to the Register of Companies subject to the following compliances. i) Appellant shall pay costs of Rs. 1,00,000/- (Rupees one Lakh) to the Registrar of Companies, NCT Delhi Haryana within 30 days. ii) After restoration of the Company's name in the Register maintained by the RoC, the Company shall file all their Annual Returns and Balances Sheets. The Company shall also pay requisite charges/fee as well as late fee/charges as applicab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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