Revival of Struck off Companies

Introduction

Striking-off means the temporary closure of the Company or the removal of the Company’s name from the ROC (Register of Company) by the Registrar following the provisions of the Companies Act 2013. This is a substitute for the dissolution of the Company, in which case the Company may be revived for twenty years from the date of deletion. An appeal or application may be made by the registrar, any person aggrieved by the order of the registrar or the company, or a member or creditor, or worker.

Overview

Revival of strike-off companies is a formal process in which a company or business is revived and its name is returned to the Register of Companies (ROC). With the introduction of the Companies Act 2013, provisions relating to the revival of dissolved companies are contained in Section 248 of the Companies Act 2013.
It would be created as an alternative to company liquidation where the company can be revived within 20 years. This period or date would be known as the revival period.

The grounds on which NCLT conducts the revival of companies are as follows:
The company owns any immovable property.
The Company, apart from the Registrar of Companies, has complied with GST, Income Tax, Provident Fund, and such authorities.
Where there is evidence that the Company has an ongoing business as an active transaction in the Company’s bank statements.
The company renews any license and other documents annually depending on the circumstances.
Any document showing that the Company is continuing or active and that it will be in the public interest to revive the Company.

The applicant must, via the Registrar of Companies (ROC), file a petition for revival with NCLT in the specified form NCLT-9 for the restoration of the company’s name, along with the following supporting documents:

Register and/or other facts, as fairly open to the petitioner(s), in support of a statement made in the application or appeal or petition.
Where the petition is lodged on behalf of the members (shareholders), the letter of consent, where appropriate, shall be issued by them.
Affidavit for verification of the petition.
Proof of the fee payment of Rs. 1,000/-.
Memorandum of appearance with a copy, as the case may be, of the Board resolution or the vakalatnama.
Power Of Attorney Certified True copy
Affidavit Not Claiming Company Dormant Status
Demonetization Affidavit
Audited financial statements, accounts of benefit and loss, auditors’ report.
Report by Directors, AGM Notice, Register of Attendance and Minutes.
Certified True Copy of the company’s Memorandum of Association.
Certified True Copy of the company’s Articles of Association.
Three copies of the petition; and three copies of the petition.
In support of the case, any other documents.

During the trials and hearings, the Tribunal shall hear the Petitioner and Respondent (ROC- Registrar of Company). It will also take note of the objections received during the proposed dates of the hearing. If it is satisfied after hearing both sides, then it can order the revival of the name of the Company in the record of the ROC.
The Company shall file a copy of the order with the ROC on Form INC-28 within 30 days of the date of the order, and all pending annual returns and financial statements shall be filed with the ROC in accordance with the NCLTT order.

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Frequently Asked Questions

Who can revive a company?

The Registrar, any person wronged by the Registrar’s decision, the Company, a member, a creditor, or a worker are all eligible to file an appeal or application.

What is the time to appeal such a strike-off?

Any person aggrieved by an order of the Registrar (ROC) to strike off the name of a company can file an appeal before the NCLT to revive the company within 3 years from the date of publication of the cancellation notice by the ROC.

If the company, any member, employee, or creditor is aggrieved by the strike-off, he can file an appeal before the NCLT within 20 years from the date of publication of the strike-off notice in the Official Gazette of the ROC to restore the name of the company.

How Much Time It Take To Revive Name Of Company?

It generally takes 6-8 months to revive the name of company that depends on bench and hearings thereon.

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