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Monday, 18 December 2017

Restoration of Struck-Off Companies


Effect of Strike off of Companies
On dissolution u/s 248, it shall on & from date mentioned in notice of dissolution, cease to operate as company except for purpose of realizing amount due to co. & for payment or discharge of liabilities or obligations of company.
Liabilities of directors, managers, officers and members to be continue as if the company had not been dissolved.

Restoration:
On appeal by any person
Any person aggrieved by removal order may file appeal before NCLT within 3 yrs of order NCLT may pass order for restoration if it is of opinion that removal of name of co is not justified in view of absence of any of the ground on which order was passed by ROC.
NCLT to give reasonable opportunity of making representations and of being heard to ROC, company and all persons concerned.
On Application by ROC
ROC may, within a period of 3 yrs from the date of passing of the order dissolving the company u/s 248, file an application before NCLT seeking restoration of name of such company if it is satisfied that the name of the company has been struck off from the register of companies either inadvertently or on the basis of incorrect information furnished by the company or its directors.
On Application by others
An application to NCLT for restoration may be made by co., member, creditor or workmen before expiry of 20 yrs from publication in Official Gazette of notice of dissolution of the company, if:
Company was, at the time of its name being struck off, carrying on business or in operation; or
Otherwise it is just that the name of the company be restored

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