Has Strike Off of The Company Shattered Your Dreams?
You are aware that the implementation of Companies Act 2013 has brought about lots of vital changes and amendments in comparison to Companies Act 1956.
One of the major clauses, under Section 248, is that non-compliance of Annual Returns and Financial Statements for the previous three years, would lead to dire consequences and the company shall be struck off. Taking stringent action on this, ROC struck off more than 2.3 lakh companies.
As a consequence of the strike off, Directors disqualification automatically triggered under the provisions of Section 164 read along with Section 167. Such directors were incapacitated from all other companies for 5 years, thus putting a full stop to their thriving careers.
If You Are Eager For Revival of Strike Off Company Then Read Carefully!
Are you distressed over the fact that you were not able to take benefit of the Condonation of Delay Scheme?
Don’t lose heart! Are you aware of other options for the revival of the Company?
Statutory provisions contained under the Act state the right to appeal to the National Company Law Tribunal (NCLT) under Section 252.
A favourable order by the NCLT shall result in restoration of the company’s name in the Register of Companies, giving it a fresh lease of life!
This Is The Procedure To Be Followed!
1. Who can file an application?
Under the provisions of Section 252(1), an appeal can be made by anyone, within 3 years of strike off.
Section 252(3) mandates that an application to revive the Company can be made by the company itself or a member or creditor or even a workman but should be done within 20 years.
2. Preparation of the Petition
The petition under Section 252(3) shall be filed with the NCLT in Form No. NCLT-9. Relevant documents to be submitted along with the required fee.
3. Submission of the Petition
A copy of the petition shall be served on the Registrar of Companies and on such other persons as the Tribunal may direct, not less than 14 days before the date fixed for hearing of the application.
4. Hearing by the Tribunal
After hearing the petitioner and the respondent, the Tribunal shall revive the company if it is satisfied with the reasons provided by the company.
5. Order of the Tribunal
If the Tribunal makes an order restoring the name of a company in the register of companies, then relevant directions shall be given to the company regarding compliance.
6. Filing of copy of the order with ROC
The Company shall file the copy of the order in form INC-28 with the ROC within 30 days from the date of the order.
7. Publication in Official Gazette
The order shall be published in the Official Gazette in the name and seal of the ROC.
8. Filing of documents with ROC
Pending financial statements and annual returns shall be filed with the ROC by the company.
A Dual Benefit!
The revival of the company shall result in a double advantage!
These eight steps shall not only revive the company but at the same time open up the way for the restoration of DIN of disqualified directors of this company.
Such directors can apply to the concerned ROC and get their disqualification removed with ease!
MUDS Extends Helping Hand!
Whether you want your company to be active again or you are in the lookout for removal of director disqualification, contact MUDS and take advantage of their expertise and experience.
Their success stories have brought relief to many companies and benefitted the even greater number of directors in recent past.
“Any problem should be dealt with at the earliest, letting it linger on shall only lead to complicating the matters!”
-Shweta Gupta, Founder, and CEO, MUDS