Putman Travel Nc vs Registrar Of Companies Pune

Kishore Vemulapalli, Member (Judicial)

This Company Petition is filed on 13.01.2022 by Putman Travel NC, Inc., 7 S Main Street, Suite 7, Travelers Rest, SC 29690, USA through its Representative Mr. Chinmay Pashtekar, under Section 252(3) of the Companies Act, 2013, for restoration of the name of the Company viz. Smart Money Capital Analysis Private Limited, (CIN: U74900PN2008PTC131284) to the Register of Companies maintained by the Registrar of Companies, Pune, Maharashtra, in the capacity as a “Creditor”.

The Petitioner submits that Smart Money Capital Analysis Private Limited is a company incorporated on 16/01/2008 under the Companies Act, 1956 as a private company limited by shares with the Registrar of Companies, Pune, Maharashtra. There are two directors in the company viz. Mr. Premchandra Lokhande (DIN: 01791156), Mrs. Jalpa Premchandra Lokhande (DIN: 01791211) as per MCA Master Data.

The Petitioner is a privately held company incorporated and having its registered office in USA, operating as a travel solutions company which provides access to various programs associated with the travel and lifestyle products and services.

That the Smart Money Capital Analysis Private Limited (SMCAPL) entered into an agreement dated 11 July 2017 with the Petitioner for availing its services/programs for its customers.

Pursuant to the agreement, the Petitioner raised Invoices on SMCAPL amounting to Rs.18,00,000/-. Thereafter, the SMCAPL had failed to pay the outstanding amount of Rs.18,00,000/- (Rupees Eighteen Lakhs Only) to the Petitioner herein.

As the no payment was forthcoming, the Petitioner filed an application on 27.05.2019 in the NCLT to initiate CIRP against SMCAPL. However, NCLT vide its order dated 04.12.2019 directed the Petitioner to move an application under Section 252(3) of the Companies Act, 2013 for revival of the SMCAPL, as the name of SMCAPL was struck-off by the RoC, Pune.

On perusal of records, it is found that the Respondent (RoC, Pune) struck off the name of the SMCAPL from the Register of Companies maintained by them by issuing notice in Form STK-1, STK-5 and STK-7 dated 11.07.2017 under section 248(4)(1) for removal of the name of the SMCAPL from the Register of Companies under section 248(1) of the Companies Act, 2013 and rule 3 of the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 due to defaults in statutory compliances, namely, failure to file Financial Statements and Annual Returns and failure to do business for more than two years.

The Petitioner herein is the Operational Creditor of the said Company (SMCAPL) and seeks for the restoration of the name of the Company in the register maintained by the RoC, so as to enable the Petitioner to proceed with the initiation of CIRP under the IBC, 2016 in order to recover the unpaid Operational Debt from the said Company.

From the perusal of material available on record, the Company did not file the Annual Returns and Balance Sheet of the company with the RoC since 2009. Even while considering the defaults, there is a default of eight (8) years till striking off the Company. Taking into consideration further delay of five (5) years in filing the present Petition, total years of default is thirteen (13) years.

The Petitioner has not enclosed the Unaudited/Audited Account and Income Tax Returns.

No RoC report found on record though this Bench had issued direction to RoC, Pune vide order dated 19.04.2023.

Given the above facts and circumstances and considering the interest of the Creditor, this Bench is of the considered view the name of the Company is to be restored.

Accordingly, Company Petition bearing No.: CP-10(MB)/2022 filed by the Petitioner (Putman Travel NC, Inc.), represented by its representative; Mr. Chinmay Pashtekar, under section 252 of the Companies Act, 2013, seeking restoration of the Company’s name (Smart Money Capital Analysis Private Limited) in the Register of Companies maintained by the Registrar of Companies, Maharashtra, Pune is allowed on the following terms:-

The Respondent Registrar of Companies, Maharashtra, Pune, is directed to restore the name of the Petitioner Company, viz., Smart Money Capital Analysis Private Limited, (CIN: U74900PN2008PTC131284) to the Register of Companies within thirty days from the date of receipt of a copy of this Order; and

Upon such restoration, the restored Company shall file all its pending financial statements and Annual Returns with all the applicable fees and late fees with the Respondent Registrar of Companies within thirty (30) days from the date on which the name of the Company is restored to the Register;

Upon restoration of the name of the Petitioner Company to the Register of Companies, after complying with the terms mentioned above, the Registrar of Companies, Maharashtra, Pune, shall issue appropriate communications to the bank authorities for de-freezing the accounts of the Petitioner Company.