The Tribunal has the discretion under Section 252 of the Companies Act, 2013 to restore the name of a struck off company in the register if it is just and equitable to do so.

IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI BENCH COURT-III

(SPECIAL BENCH)

An application under section 252 of the Companies Act, 2013.

IN THE MATTER OF

MR. SANTOSH KUMAR SOOD

Address: GH-2/15, Paschim Vihar,

New Delhi-110063

Ex-Director & Shareholder of

Sun Proce-Text Private Limited

…. Appellant No.1

MS. RANI BAHADUR SINGH

Address: B-5, H.No-148,

Sector-4 Rohini,

New Delhi-110085

Ex-Director & Shareholder of

Sun Proce-Text Private Limited

…. Appellant No.2

VERSUS

1. THE REGISTRAR OF COMPANIES

NCT of Delhi and Haryana

IFCI Tower, 4th Floor, 61, Nehru Place,

New Delhi-110019

…Respondent No.1

2. DEPARTMENT OF INCOME TAX C/O PRINCIPAL CHIEF COMMISSIONER

OF INCOME TAX

DCIT (High Court Cell),

Lawyer’s Chamber, Block No.1,

Room No. 428 & 429, Delhi High Court,

New Delhi

…Respondent No.2

Order pronounced on: 22.05.2024 CORAM:

SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, HON’BLE MEMBER (JUDICIAL)

SHRI RAHUL BHATNAGAR, HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For Petitioner : CS Sourabh Gupta, CS Monika Sinha For IT Dept. : Mr. Ruchir Bhatia SSC, Mr. Pratyaksh JSC, Mr.

Abhineet Advs.

For the OL : Mr. Kartikeya Asthana Adv.

ORDER

PER: RAHUL BHATNAGAR, MEMBER (TECHNICAL)

1. The present Petition has been filed by the Ex-Director and Shareholder of the Appellant Company namely Mr. Santosh Kumar Sood under Section 252(3) of the Companies Act, 2013 for restoration of name of the struck off company in the register of companies, maintained in the office of the Registrar of Companies, NCT of Delhi and Haryana. It is stated that the company ‘M/s. Sun Proce-Text Private Limited was incorporated on 04.07.1994 and the name of the Company was struck off via notice no.- ROC-DEL/248(5)/STK-7/4865 on

08.08.2018 by the ROC.

2. It is contended that the reason given by RoC for striking the name of the company is that the Company has not been carrying on any business or operation for two years immediately preceding financial years and has not made any application within such period for obtaining the status of dormant company u/s 455 of Companies Act.

3. The Appellant Company’s business is “To carry on the business of manufacturing, tailoring, embroidering, altering, trading, marketing, dealing, purchasing, selling, importing, exporting, converting, chemically trading, cleaning, purifying, bleaching renovate, dyeing, coloring, finishing, designing, fabricating, printing, decorating, synthesizing and processing of all kinds of ready to wear apparels coverings, coated fabrics, textiles, hosiery, decorating items and all other products of allied nature made of cotton, nylon, man-made fibers, wool, paper, acrylic, jute, silk and synthetic fibers”.

4. The Appellant admits default for non-filing of the Financial Statements in e-

form AOC-4 and annual return in e-form MGT-7 for the financial year 2015-16 & 2016-17 of the struck off company with the Respondent No. 1, Registrar of Companies, NCT of Delhi & Haryana.

5. It is submitted that the Appellant Company has Inventory consisting of Land amounting to Rs. 4,40,857, Generator amounting to Rs. 875, building amounting to Rs. 2,20,745, loans and advances amounting to Rs. 9,331.00 and the cash and Bank balance as on 31^st March 2019 is Rs. 93,328.00.

6. It is submitted that the Company having investment on land for setting up its project. However due to lack of funds, project work could not have been started but land is still lying in the name of the struck off company. The Circle value of Land as per valuation report, which the company had valued by Registered Valuer, registered with IBBI on 11^th July, 2023 is determined as Rs.

1,41,69,060/-.

7. The Appellant/Petitioner undertakes to comply with all the provisions of Companies Act, Income Tax Act and other applicable Acts. The Appellant Company is ready to comply with all the compliances of the Companies Act, 2013 and shall file pending Balance Sheets and Annual returns with the Registrar of Companies, NCT of Delhi & Haryana along with additional fees as applicable.

8. Notice was issued to the Registrar of Companie