Company struck off - assets status?
Ganesh Pandey
(Querist) 09 March 2013
This query is : Resolved
If the name of a Pvt. Ltd. company has been struck off from the register of companies, what happens to the status of properties/assets of the company?
What procedure should be followed if one wants to sell those properties/assets?
Ganesh
Sankaranarayanan
(Expert) 09 March 2013
Struck by what way . Need to clarify all details then only we can able to tell our suggestion or ideas.
Ganesh Pandey
(Querist) 09 March 2013
I guess it was struck off by ROC on its own motion because directors didnt apply for it and I guess there is no other way it can be done.
I hope this answers your question.
Ganesh
Sankaranarayanan
(Expert) 09 March 2013
If the filing of report to Roc is not in time then , or if any particulars been ignored by the directors to Roc then, So get the details from the Roc office and ask to file the details .
Ganesh Pandey
(Querist) 09 March 2013
Yes, filing of reports were not done in time and we are in the process of reviving the company.
But before that I want to know what is the status of the assets which was there before the company's name was struck off?
Is it possible to sell the assets before reviving the company?
Ganesh
Raj Kumar Makkad
(Expert) 11 March 2013
Even if the registration of the company has been struck off even then the properties belong to company, may it not be in the register of registrar. The company even then can sale it as per its bye-laws/MOA.
prabhakar singh
(Expert) 11 March 2013
Look into AoA/MoA for that.When the co.is Pvt.Ltd.it would be quite possible.But if there are unpaid creditors left with no means of realization than the sold property,then they can assail the sale.
Ganesh Pandey
(Querist) 14 March 2013
Following the above suggestions, I went through the AOA and MOA of the company and found the following part (in AOA) relevant to the context of this discussion :
"The directors shall have the following special powers without in the least affecting the general powers conferred upon them by these presents or by the statute : -
(d) They may let, mortgage, sell or otherwise, dispose of any property of the company absolutely or conditionally and on such terms and conditions as they think fit for carrying on the business of the company."
Although the above point in AOA is perfectly in line with the opinions of experts above, still I would request the experts to please confirm whether, on the basis of this point, we can proceed with the sale of the assets and whether any complication or issue (like legal proceeding by ROC) may arise if we proceed.
It is to be noted that there is no unpaid creditors as on this date.
One more doubt : Generally, the ROC goes for striking off the name of a company only when the assets are not sufficient enough to meet the liquidation expenses. What can be the possible reasons for ROC to not follow it in this case?
Ganesh
Raj Kumar Makkad
(Expert) 19 March 2013
Follow the relevant provisions of AOA and MOA and move ahead.
prabhakar singh
(Expert) 19 March 2013
WHY ROC HAS NOT DONE OR HAS DONE CAN BE VERIFIED FROM HIS OFFICE ONLY.
GUESSING ABOUT THAT BY YOU ARE ANY OF US IS NOT THE WAY.
WHEN YOU STATE "It is to be noted that there is no unpaid creditors as on this date"
THEN MOVE ON GETTING GUIDED BY AoA/MoA.
