Revival of Suspended Companies
Revival of struck off companies
According to Section 248 of the 2013 Corporations Act, the Registrar of Companies (ROC) and NCLT are each given the authority to strike off dysfunctional companies. By virtue of its authority, the Ministry of Corporate Affairs wiped down over 2 lakh defaulting companies in late 2017 for failing to file their statutory documentation for the previous three years or more. A dissolved company may be reinstated in the Register of Companies (ROC) pursuant to Section 252 of the Companies Act of 2013 by an order of the National Company Law Tribunal in order to provide businesses with the option to resurrect their operations (NCLT).
Who has the power to remove a company's name from the Company’s register?
The Registrar of Companies has the authority to deregister inactive businesses or businesses that haven't filed their statutory documentation in the past three years or more. Before beginning the strike up operation, ROC is required by law to issue notice to the companies.
What companies can ROC banish?
- Companies that failed to launch their operations within a year of incorporation;
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Companies that have not operated for the two most recent fiscal years;
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Company that has paid off all debts;
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Company that hasn't filed any statutory documents with the ROC in the last three years or more.
Who may submit an application for company revival?
- Under Section 252 (3) read with Rule 87A of the NCLT (Amendment) Rules, 2017, the Firm, its members, employees, or a creditor may submit an application for the resurrection of a strike-up company.
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Such a request for a company revival must be made within 20 years of the date the notification of the striking-off was published in the official Gazette.
What time frame applies to the filing of a strike off appeal?
- Any person who feels wronged by the Registrar's (ROC) decision to remove a company's name from the register may file an appeal with NCLT to have the company reinstated within three years of the ROC's publication date of the notice of strike-up.
- If a firm, any member, employee, or creditor is unhappy with the strike off, they may appeal the decision before NCLT within 20 years of the date the striking off notice was published in the official Gazette by the ROC in order to have the company's name restored.
How long does it take to revive the company name?
Typically, it takes 6 to 8 months to restore a corporate name that is subject to hearings and bench decisions.
What services does Estabizz provide for the revival of a struck-off company?
The following is a list of our whole range of end-to-end solutions-
- Complete services for the revival of a company that was struck off.
- We are experts at removing Revival of Struck from a business.
- We will contact you via disbarred attorneys that practice in this area.
- Our Experts will walk you through the process and give you a thorough list of the necessary paperwork.
- We'll check the papers you give us.
- Application for Revival of Struck Off Company will be created and submitted by us.
- We will update you on court proceedings as they happen.
- Free consultations are available for any questions you may have regarding the revival of the struck-off company.
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Without any problems, you will complete your Revival of Struck Off Company.
- Any fee, stamp duty, and other expenses must be paid separately.
Please get in touch with us if you have any questions about Revival of Struck Off Company or anything else. Also contact us by asking a question on our website if you want to use any of the aforementioned services.
How do I file an application for the revival of a struck-off company?
- a) Application before Tribunal- First step submitting Form No. NCLT-9, an application to NCLT pursuant to Section 252(3) of the Companies Act of 2013, for consideration. A number of documents must be submitted with the appeal-
- A supporting affidavit confirming the submission of the company revival application in Form No. NCLT 6 is required to accompany the appeal.
- Copy of ROC-issued notice or publication
- Board resolution copy
- A list of the company's directors as well as a copy of its articles of incorporation and memorandum of association
- A Memorandum of Appearance or Vakalatnama in the name of the authorizing advocate or company secretary
- The most recent audited balance sheet of the company
- A bank statement proving that the business is still operating
- Funds or land registered in the company's name
- A bank draft proving the payment of the application fee.
- Evidence of mailing to the ROC and the income tax authority
- Any other paperwork supporting the application.
- Within thirty days of the date of the order in INC 28, the applicant must deliver a certified copy to the Registrar of Companies.
- Additionally, the applicant is required to pay any costs or penalties imposed by the tribunal, and
- The applicant company is required to file all outstanding statutory documents with the ROC within the timeframe specified by the tribunal in the order. e) Publication in an official gazette- Following receipt of such an order, ROC will issue the order for the revival of the company in the Official Gazette using its legal name and seal. The impact of this publication will be the same as if the company had not previously been struck off.
b) Serving the application or appeal- Before NCLT, the applicant must submit three copies of their application. Before the date set for the application's hearing, the applicant must send a copy of the application to the ROC and the Income Tax authority via fast post, registered mail, or Dasti.
c) Passing order- The Bench (Tribunal) will hear the applicant's explanation for why the company is not operating or why no statutory documents have been filed. Bench will request the filing of reports from the ROC and Income Tax Authority. If the facts of the case indicate that the company is capable of conducting business and the ROC has not objected to the resurrection of the company, the bench may order its revival. A judge may also impose specific sanctions.
d) Submitting a certified copy of the order to the ROC
f) Filing statutory documents with ROC- According to the timeline specified by the tribunal in the aforementioned ruling, the Applicant Company must file all outstanding Statutory Documents with ROC, including Financial Statements and Annual Returns.
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Who has the power to remove a company’s name from the Company’s register?
What companies can ROC banish?
Who may submit an application for company revival?
What time frame applies to the filing of a strike off appeal?
How long does it take to revive the company name?
What services does Estabizz provide for the revival of a struck-off company?
How do I file an application for the revival of a struck-off company?
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