Ours is a register SSI Company. Our business is running and we all filling all returns regularly, except ROC. Our Companies name was struk off. On enquiry it was revealed that we have not filled ROC Returns as such the name was struck off from ROC.
I have two Q.
1) Ours is running unit, without any notice our company name was stuck off. What is the process of restoring it?
2) When companies name is struck off who is the Owner of Fixed assets and what is the liabilities of the Directors.
3) Can directors sell the fixed assets and clear the Liabilities.
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.
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.
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.