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Judgment
Harnam Singh Thakur, Member (Judicial)
The present application is filed by M/s Mahim Arshia Promoters and Developers Private Limited, Represented through its Director, Mr. Ajit Batra under Section 5 of the Limitation Act, 1963 read with Rule 11 of NCLt Rules for condonation of 880 days in implementation/compliance of order dated 10.12.2019 passed by this Tribunal.
The brief facts of the case are that the company was incorporated on 29.06.2007 and the name of the company was struck off from the Register of Companies as per notice in STK-7 dated 30.06.2017 at serial No.534 due to the defaults in filing the financial statements and annual returns for the period 2012-13, 2013-14, 2014-15, 2015-16 and 2016-17. Vide order dated 10.12.2019 of this Tribunal, the petition for restoration of the name of the company was allowed and the name of the company was restored in the Register of Companies (Annexure A1). The order dated 10.12.2019 was to be implemented till 10.01.2020. However, the same was not complied with. It is submitted by the petitioner that non-compliance of the order was beyond the control of the petitioner due to the Covid pandemic and its after effect.
We have heard the learned counsel for the petitioner and have also perused the records carefully.
We hold that the contention regarding the condonation of delay of 880 days in complying with the order dated 10.12.2019 passed by this Tribunal is plausible and the cause of the delay of 880 days is justifiable. Reliance can be placed upon the decision passed by National Company Law Tribunal, Mumbai Bench in CP No.582/2019 titled as “Legend Sugar India Private Limited Vs. RoC, Mumbai” wherein it is stated that “, it would be just and proper to order restoration of the name of the Company in the Register of Companies maintained by the ROC”.
The Petitioner has submitted the Audited Balance Sheet as on 31.03.2012 and 31.03.2017 and the Audited Financial statement as on 31.03.2013 to 31.03.2017 with the Petition to show that the Company is in continuous operation. Hence, upon considering the facts and circumstances of this present petition, this Bench is of the view that, it would be just and proper to order the restoration of the name of the Company in the Register of Companies maintained by the ROC.
Accordingly, the delay of 880 days is condoned in the interest of justice, this application is allowed. The restoration of the Company's name to the Register of Companies maintained by the ROC, is hereby ordered, with a direction that the Company shall comply with the provisions of the Act. And further it will be subject to payment of further costs of Rs.50,000/- (Rupees Fifty Thousand only) to be paid in favour of "Pay and Accounts Officer, Ministry of Corporate Affairs", within 7 days from the receipt of the duly certified copy of this Order, to this office. Consequentially thereupon the Bank Account/s if freezed shall get defreezed and to be operated by the Company.
The Learned ROC shall give effect of this Order only after perusal of the Compliance report of cost imposed. The Company is directed to file all the required documents and shall fulfil other relevant statutory compliances within 30 days from the Restoration of its name in the Register of Companies maintained by ROC.
Therefore, in view of the above the present CA No.169/2022 is allowed and stands disposed of accordingly.