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Judgment
ORDER
24/05/2023: This appeal is directed against the order dated 26.04.2023 passed by the National Company Law Tribunal, Division Bench-I, Chennai in CP/131/CHE/2022. By which, while restoring the name of the Appellant Company to the Register of the Registrar of Companies, cost of Rs. 10,00,000/-(Ten Lakhs) has been imposed.
The grievance of the Appellant in this appeal is about the huge amount of cost of Rs. 10,00,000/- which has been imposed despite the fact that finding has been returned in paragraph 4 and 6 of the impugned order that the Appellant Company is carrying on its business for the purpose for which it was incorporated and had also submitted its Audited Financial Statement for the year 2020-2021 along with Income Tax Report for the year 2019-2020.
Counsel for the Respondent has also put in appearance and argued that cost has been rightly imposed but he could not justify the imposition of huge cost of Rs. 10,00,000/- in the given facts and circumstances of this case.
We have heard Counsel for the parties and after examining the record, are of the considered opinion that in the given facts and circumstances of this case, imposition of cost of Rs. 10,00,000/- is highly excessive, therefore, we dispose of this appeal with modification of the amount of cost from Rs. 10,00,000/- to Rs. 1,00,000/-. Rest of the impugned order shall remain as it is.
With these observations, the present appeal is hereby disposed of.