REVIVAL OF COMPANY

REVIVAL OF COMPANY

Any person who is affected by the order of a company strike off, may file an appeal / petition / application for revival of the strike off the company to the NCLT within a period of three years from the date of the order of the registrar. And the burden of proof would be on the person applying for the revival and if the NCLT is satisfied with the justifications given by the concerned person and is of the opinion that the removal of the company from the register of companies is not justified, it may order the Restoration of the name of the company in the register of companies. 

A copy of the order passed by the Tribunal shall be filed by the company with the Registrar shall cause the name of the company to be restored in the register of companies and shall issue a fresh certificate of incorporation. 

Who can Apply for Revival?

 Following are the persons who can make an appeal in NCLT to restore the company:

• Company
• Any member/ Creditor
• Workmen 

Grounds for revival of the company:

The NCLT can allow the revival of the struck off company in following cases:

• Where the company has some pending litigation.
• Where the assets of the company has high monetary value.
• For any other reason as the NCLT may allow. 

Documents required for revival of Struck off of company by NCLT/ RoC:

• Copy of Notice of striking off of companies along with list of companies where Company is listed at their respective serial no.
• Copy of the Public notice of the strike off of the Company where Company is listed at their respective serial No.
• Copy Certificate of Incorporation, Memorandum and Articles of Association.
• Copies of Bank Account Statements of current account of company.
• Copy of letter received from Bank intimating freezing of the Current Account of the company.
• Copy of Income Tax Returns filed by the company since incorporation.
• Copy of Audited Financial Statements since incorporation 

Procedure for Revival of Struck off Company:

• Application: The petition under Section 252(3) shall be filed with the NCLT in Form No. NCLT-9 along with the necessary documents with payment fee of Rs. 1,000/.
• Copy of Petition to ROC: A copy of the same shall be served on the ROC via Registered post and on such other persons as the Tribunal may direct, not less than 14 days before the date fixed for hearing of the application.
• Hearing: The Tribunal will hear the Petitioner and Respondent i.e. ROC and take note of the observations/objections, if any, received.
• Order: Once the hearing of the application in which both parties will present their points, the Tribunal may pass on order, as deems fit.
• Filing pending returns with ROC: After satisfaction of the Tribunal, the applicant will have to deliver a certified copy to the ROC within 30 days of the date of order in INC 28 along with pending financial statements and annual returns.
• Order in Gazette: Once the copy is received, ROC will publish the order in the Official Gazette in company’s official name and seal.