Assets struk off companies.

when your company name not mentioned or registered in Registrar of Companies, it is not bar for selling the assets of the company by the partners. nothing is negative for you if it is stuckoff. if you want to file a suit against third parties you will not having right to file suit basing on companies act otherthan no prejudice will be caused to you for this stuckoff.

manoj

advocate

8686159292

After Strike Off, No transactions can be done by company unless it is restored in the Register of Registrar of Companies (ROC)

Once the name is struck-off by the ROC, any stakeholder can approach NCLT (National Company Law Tribunal) for restoration of the name in ROC register.  It can be done by filing a petition giving grounds on which restoration is requested.   Once the order of NCLT is obtained, it may be filed with the ROC and the company shall be restored. 

The ROC has struck off lacs of companies during last quatrer who were defaulting in filing their Balance sheet + Annual Returns for last 3 years and the Govt felt that these are "Shell Companies" who are not doing any business but a sham corporate veil is used.

On valid grounds the company shall be again restored ....  not a big problem.

Best regards - B Raj SACHDEVA

Restroration is not that much easy. Government is very strict on this issue.
You have to satisy NCLT for restoration 

This is the only available remedy to get the company restored.  For justified reasons, NCLT may allow restoration.  

If a group of companies/ professionals may file a writ challenging the process adopted by MCA itself of strucking off the companies, may be all companies may be restored. This requires lot of hardwork in preparing the writ to get through.

Regds - B Raj SACHDEVA.

Normally how much time does NCLT take for giving judgment for Restoration of Company in deserving cases.

As there is no time period prescribed in which the restoration application is to be deposed off, It will take considerable time keeping in view the increasing large number of cases now before them, quality of justification and reasons the peitition.   To my view at the 1st go be ready for atleast 6months - 1 year period.

ours is a running unit. we cannot keep it close for such a long time. can they give interim stay at least to operate Bank Account.

You are right, but how a running company can choose not to file their financials and annual returns for consequtively for 3 years.  Now its matter of some months. This is not to offend, but the Govt feels that the company should comply with the companies act and file due returns in time or with reasonable delay for which additional fee are also prescribed.  Now there is only NCLT to issue restoration / writ in High Court and in both cases its couple of months time consuming.