TMI Blog2023 (2) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... restored to the Register of Companies subject to the compliances fulfilled - appeal allowed. - Company Appeal ( AT ) No. 141 of 2021 - - - Dated:- 9-2-2023 - [Justice Anant Bijay Singh] Member (Judicial) And [Mr. Kanthi Narahari] Member (Technical) For the Appellant : CS Bharti Kashyap. For the Respondent : Ms. Mitika Raja, AROC. JUDGMENT Justice Anant Bijay Singh ; The present Appeal under Section 421 of the Companies Act, 2013, has been filed by the Appellant being aggrieved and dissatisfied by the order dated 31.08.2021 passed by the National Company Law Tribunal (New Delhi Bench, Court-II) in Appeal No. 491/252/ND/2020 whereby and whereunder appeal filed by the Appellant for restoration of the name of the Company in the Register maintained by the Registrar of Companies (RoC), NCT of Delhi Haryana was dismissed by the Tribunal. 2. The facts giving rise to this Appeal are as follows: i) The Appellant company - M/s M Kumar Syntex Private Limited ( Company' or the Company ) was incorporated under the Companies Act, 1956 on 10.04.1987 as a Private Company as Limited by Shares with the Registrar of Companies, NCT of Delhi and Haryana, for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the UPSIDC for 90 years since 02.05.1987. Thus, non-restoration of the company would result in irreparable loss and prejudice to the appellants, its contributories and creditors. The result in the fixed assets of the Appellant company going into a limbo/deadlock resulting in wastage of property, which is also contrary to the public policy. Some pictures showing some activities still going on in Chandni Chowk shop and also the picture of outside the factory, temple located in the factory on lease hold land located in Kosi. v) The Company did not receive any show cause notice, nor was it afforded any opportunity of being heard before the aforesaid action was taken by the Respondent. The company is also holding a plot of leased hold land Plot No B-3, industrial area Kosi, Distt. Mathura. The area of plot is 6000 sq. Mtrs. The allotment of this plot is made by U.P. SIDC to M KUMAR SYNTEX PVT LTD for 90 years through an allotment letter dated 02.05.1987. vi) The Annual General Meeting of the Company were held by the company on time as this is the closely held company and all the income tax returns has been filed by Mr. Mahendra Kumar on or after the due dates. vii) The Registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question is a going concern and is carrying out its business operations. However, in the present case no notice was served upon the company at its registered address or at the addresses of the directors of the company and hence the Appellant never got an opportunity to substantiate if the company is a going concern. Further, in the present case while passing an impugned order U/s 248(5) the Registrar has failed to take note of the requirements enumerated under sub-clause (6) of Section 248 which specifically states that before passing an impugned order to strike-off the name of the Company, the Registrar should first satisfy himself that sufficient provision has been made for the realization of all amounts due to the company and for the payment or discharge of its liabilities within a reasonable time. In the present case the company has various liabilities and assets. 6. It is further submitted that the Company also holds plot of land bearing Plot No. B-3, industrial area Kosi, Distt. Mathura. The area of plot is 6000 sq. Mtrs. The allotment of this plot is made by U.P. SIDC to M KUMAR SYNTEX PVT LTD for 90 years through an allotment letter dated 02.05.1987. Thus, non-restorati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from operation In terms of Petition the Petitioner has not enclosed any Balance Sheet and Profit loss A/c for previous two financial year s viz. 2004-05 2005-06 prior to the date of strike off. Therefore, this office is unable to comment further on this. 2 Financial Statements Submitted with the petition for the financial year 2015-16, 2016-17 and 2017-18 at pages, 61-75. (However, the profit Loss has shown zero revenues from the operation in the above-mentioned F.Y.) 3 Income Tax Returns Acknowledgement of Income Tax Returns submitted for the Assessment Year 2012-13 to 2019-20 at pages 76-83. 4 Property Details Lease deed executed between the Petitioner/appellant and U.P. State Industrial Development Corporation Limited dated 13.11.1987 attached with petition at pages 46-60. 10. It is further submitted that the Balance Sheets filed for the Financial Years from 2015-16 to 2017-18 (which too show NIL income from its operations) and the Income Tax Returns produced for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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