Restoration of name of the company
Mahesh Chand Gupta
(Querist) 04 September 2014
This query is : Resolved
All the directors of a private limited company submit application under Easy Exit Scheme alongwith Affidavits and Indemnity Bonds to the Registrar of Companies in 2004. The company was working but directors state that company did not work from the date of incorporation and there is no bank loan on the company. But actually, there was a bank loan of Rs. 50 lacs on the company on that date. In the real sense, directors submitted false and fake Affidavits and Indemnity Bonds. The statutory auditors of the company claimed that they had not audited balance sheet and other financial statements which were submitted alongwith application for Easy Exit Scheme filed by the company. The company owned a bricks kiln also which is still run by a director. The name of the company was struck off by the Registrar of Companies. A suit for restoration of name of the company was filed by a creditor who had paid money to the directors for purchasing bricks kiln of the company in Delhi High Court. At the time of admission of the case, court ordered to produce any document of the company just like receipt of the amount paid to the company but the amount was actually paid to the directors and there was no evidence of making payment to the company. Court says either you withdraw the case or your case will be dismissed and I was forced to withdraw the case. Please note that the bank loan was repaid by the company during the hearing of my suit in 2014 and a case of recovery is still pending in Allahabad High Court against company. Whether any remedy is available to me to get the name of the company restored? Under section 560, only members and creditors can file application for restoration. Whether this company cannot be restored?
T. Kalaiselvan, Advocate
(Expert) 07 September 2014
In the event of not having any evidence against the company you were forced to withdraw the suit by the court, so what do you think about the evidence in your possession to prove your claim, that too you are coming with the claim after more than a decade, consult a local lawyer with all the papers in your possession and take his advise.
