Revival of Struck off companies

Introduction:

On the determination of a company as a Struck off company by the Tribunal under section 253, any member, secured creditor or workman  of that company or the company may make an application to the Tribunal for the determination of the measures that may be adopted with respect to the revival and rehabilitation of such company:

Provided that in case any reference had been made before the Tribunal and a scheme for revival and rehabilitation submitted, such reference shall abate if the secured creditors representing three-fourths in value of the amount outstanding against financial assistance disbursed to the borrower have taken 159 measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002):

Procedure for revival of Struck off companies:

• Filling of the Petition under Section 252(3) shall be filed with the NCLT in Form No. NCLT-9.
• the Tribunal shall fix the hearing date for deciding the matter
• A serving the copy of petition send to the Registrar of companies
• During the trials and hearings, the Tribunal shall hear the Petitioner and Respondent (ROC- Registrar of Company)
• The Tribunal will restore the company if it is satisfied with a valid reason for non-compliance of the requirements by the said company failing which it will not restore a company at any given point of time.
• Tribunal makes an order restoring the name of a company in the register of companies,
  • Applicant shall deliver copy of order to ROC within 30 days from Date of order
  • The Registrar will publish the copy of the order after receiving it in the official gazette in the name and seal of the Company.
  • the applicant must pay the costs of the appeal or application to the Registrar, Until and unless the Tribunal directs otherwise
  • The Company should comply with the requirements of the Companies Act, 2013 and file pending annual returns and financial statements with the Registrar.

Document Required:

• The certificate of incorporation.
• The MOA.
• The copy of the audited financial statement from the date of strike off.
• Bank statements.
• The striking off order of the Registrar of Company.
• Affidavit verifying the petition.
• Memorandum of Appearance with copy of Board resolution or Vakalatnama.
• Director’s List.
• Certified True Copy of the Company’s BR for applying to NCLT for Registration.
• Appeal against Registrar’ order.
• PAN and Income Tax Return.