Revival of Company

We all have heard about striking off the Company. In the financial Year 2017-18, most of the Companies have been struck off by the Registrar in first tranche from the Register of Companies in accordance with the provision of Section 248(1) of the Companies Act, 2013. Subsequently in August 2018, the names of lakh of Companies have removed again in second tranche. Here, do you know the actual meaning of strike off in terms of law. Strike off means temporary closure of companies by ROC but still the Company has an option of revival within twenty years from the date of strike off. Now, we shall study the concept of Revival of Company. What is the procedure and steps will be taken for the revival of the Company.

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To start with, let’s understand as to what does exactly the word “Revival” means. “Revival” means restoration of the name of the Company which has been struck off from the Register of Companies as maintained by Registrar on any ground under section 248 of the Companies Act, 2013. 

There are many cases in which Company struck off without the fault of own or its management. So, the Company and the other person aggrieved by order of strike off have an option to revive their Company. You can restore the name of the Company by making an appeal or application to Hon’ble Tribunal within the prescribed time limit. After satisfying Hon’ble Tribunal, your Company will be revived with the same status as earlier before strike off its name and simultaneously received the new Certification of Incorporation from Registrar.

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ELIGIBILITY CRITERIA

Who can file an appeal?

Any person aggrieved by the order of the Registrar for removal of the name of the Company from the Register of the Companies may file an appeal under section 252(1) of Companies Act, 2013 with Tribunal in Form as prescribed for restoration of the name of the Company within a period of three years from the date of passing of the order dissolving the company under Section 248 of Companies Act, 2013.

Who can file an application?

  • Registrar may file an application under Section 252(1) of the Companies Act, 2013 to Tribunal for restoration of name of the company in Form as prescribed within a period of three years from the date of passing of the order by ROC for dissolving the company under section 248 of Companies Act, 2013.
  • Company itself, Member, Creditor or Workman may also file an application under Section 252(3) of the Companies Act, 2013 to Tribunal for restoration of name of the company in Form as prescribed before the expiry of twenty years from the publication of notice of strike off the name of Company in the Official Gazette under Section 248(5) of the Companies Act, 2013.

PROCEDURE INVOLVED

The following are the procedure for restoration of the name of the Company under Section 252 of the Companies Act, 2013 read with Rule 87A of National Company Law Tribunal (Amendment) Rules, 2017.

  • Drafting and filing of an Appeal or Application 

You need to provide us the details as required to be filled and the documents required to be annexed with the application to be submitted with Hon’ble Tribunal. Accordingly, we will draft an appeal or application and submit it alongwith required documents before Tribunal having jurisdiction over the concerned Registrar with demand draft of Rs. 1,000 (Rupees One Thousand) drawn in favour of the Pay and Accounts Officer, Ministry of Corporate Affairs in triplicate.

  • Submission of Appeal or Application with ROC

After its submission before Tribunal, we will coordinate with you to serve the copy of appeal under Section 252(1) or application under Section 252(3) to ROC and other person, if any directed by Tribunal (example: Income Tax Department) atleast fourteen days before the first date fixed for hearing.

  • Hearing and getting final order

We will help you in getting the Final order of Tribunal upon hearing of the appeal or application.

  • Deliver certified copy of order to ROC

Thereafter the certified copy of final order received from Tribunal will be submitted to Registrar of Companies through filing of form as prescribed within 30 days from date of receiving of order or delivery of order.

  • Publication of order in official Gazette

Registrar will publish the order in Official Gazette with his official name and seal and we will intimate you about the inclusion of name of the Company in the Register of Companies after restoration. You have to pay Registrar of Companies his cost.

  • Fresh Certificate of Incorporation

We will help to get the fresh Certification of incorporation and provided the same to you.

  • Filing of pending Financial Statements and Annual Returns

Last but not least, we will also provide post revival the service of filing of all the pending Financial Statements and the Annual Returns within such time period as directed by Tribunal in order to comply Companies Act, 2013 and rules made thereunder.

DOCUMENTS REQUIRED

Following documents and details are required to be filed alongwith the application/petition/appeal:

  • Affidavit verifying application;
  • Synopsis of the case;
  • Copy of Notice of Strike off in STK-1, STK-5 and STK-7;
  • Proof of payment of Application fees of Rs. 1,000 (Rupees One thousand);
  • Memorandum of Appearance with copy of BR or Vakalatnama;
  • Evidence of going concern operation of the Company like 
  1. copy of Income Tax Acknowledgement filed with Income Tax Department 
  2. copy of Bank Statement;
  3. copy of land deed (in case any land is in the name of the Company reflecting on the Balance Sheet)
  • Copy of Memorandum of Association (MoA) and Articles of Association (AoA) of the Company;
  • Certificate of Incorporation;
  • Signed Profile of Directors involved;
  • Any other documents (if any) in support of the case.

STATUS OF THE COMPANY AFTER REVIVAL

After restoration the name of the Company by Registrar, the status of the Company remains in the same position as the name of the Company has not been struck off from the Register of Companies.

STEPS WILL BE TAKEN BY SMARTBIZGURU FOR YOU

Here are the services that will be provided by SmartBizGuru to you in relation to revival of the Company. We will restore the name of the Company without facing the pain of legal formalities by our client. Here is the list of services offered to you from our side.

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