What Is Company Revival?
More than 2,00,000 #companies which have not recorded their #annual returns and asset report for 3 successive #financial years, have been striked off by the #Registrar of Companies (#ROC) and a progression of activity against such companies have been taken including de-actuating the DIN of the executives of such companies. This basically implies, executives of such companies are currently precluded and can’t be selected as directors in some other company. Be that as it may, presently the ROC is allowing recovery of such companies.
Who Can Apply For The Restoration Of A Company?
1. The accompanying people can document the application with National Company Law Tribunal (NCLT) for recovery:
2. The company that has been deregistered by the Registrar of Companies (ROC);
3. Creditors or investors of a company that has been deregistered by the Registrar of Companies (ROC); and
Workmen of a company that has been deregistered by the Registrar of Companies (ROC).
What Is The Course Of Events For Recording An Application For Recovery Of A Company That Has Been Deregistered By The Registrar Of Companies (ROC)?
A company that has been deregistered by the Registrar of Companies (ROC) can apply for recovery inside the underneath expressed courses of events:
1. Where the request for deregistration has been passed by NCLT: The company has 20 years from the date of strike-off request to apply to Registrar of Companies (ROC) for recovery; or
2. Where the request for deregistration has been passed by Registrar of Companies (ROC): The company has 3 years from the date of the request gone by Registrar of Companies (ROC) to apply to Registrar of Companies (ROC) for recovery.
What Is The System To Be Pursued For Restoration?
The candidate needs to record an appeal for recovery with NCLT through the Registrar of Companies (ROC), in the recommended Form NCLT-9 for the reclamation of the name of the company with the accompanying supporting documents:
1. Document or potentially other proof in help of the announcement made in the application or advance or request, as is sensibly open to the petitioner(s).
2. An affidavit confirming the request
3. Evidence with respect to the installment of the charge of Rs. 1,000/ – ;
4. Memorandum of appearance with a copy of the Board goals or the vakalatnama, all things considered;
5. Certified True copy of the Power Of Attorney;
6. Affidavit Not Claiming Dormant Status Of The Company;
7. Affidavit on Demonetization;
8. Audited Financial Accounts, Profit and Loss account, Auditors Report;
9. Directors Report, AGM Notice, Attendance Register and Minutes;
10. Certified True Copy of the Memorandum of Association of the Company;
11. Certified True Copy of the Articles of Association of the Company;
12. Three duplicates of the request; and
13. Any different documents in help of the case.
After accepting the application, NCLT will fix a date for hearing the issue and subsequent to giving sensible chance to both the gatherings of being heard, pass a request for reclamation of the name of the company and evacuation of exclusion of the executive, on the off chance that it is happy with the reasons given by the company. There will, obviously, be a sure punishment forced also.
Is The Company Naturally Resuscitated If The NCLT Passes A Request For Reclamation?
No. There are sure strides to be taken to reestablish the company. The candidate should present an ensured copy of the request in Form INC 28 with the Registrar of Companies (ROC) inside 30 days from the date of the request. Simply after the Registrar of Companies (ROC) distributes the request of rebuilding in the Official Gazette, will the company be considered to have been reestablished.
Furthermore, the company will likewise need to finish all the pending annual reports and yearly comes back with the Registrar of Companies (ROC) and agree to the prerequisites of the Companies Act, 2013 and rules set aside a few minutes as might be coordinated by the NCLT.
You may face heavy fines and imprisonment starting at 3-6 months depending on the amount due.
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