Revival of Struck off Companies
Revival of struck off companies can be made as per the provisions of Companies Act 2013. Revival can be made after adherence and rectification of non-compliance.
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There are many companies which are struck off by the Registrar of Companies due to non-commencement of business within one year of its incorporation or any company which is not carrying out any business operation for consecutively two financial years or any company who fails to submit annual returns for consecutively three financial years.
After struck off of companies, the company cannot do any business activities. Struck off of companies is totally different from winding off of companies. In winding off, the company get closed permanently and there will be no option for revival at any later stage.
Any company which is strike off by the Registrar of Companies may have chance of getting itself revival and can be able to continue business activities. Application for revival of struck off companies can be made before the NCLT within a period of three years from the date of strike off of the companies.
Application for revival of struck off companies before the NCLT can be made by the directors/ shareholders / members representing the company or any creditor or workmen. Application for revival must contain proper grounds which state reasons for revival of companies, the grounds for revival can be cases wherein litigation is pending, Assets exists in the struck off companies or any other reason as the NCLT may consider. Application made before NCLT must contain copy of certificate of incorporation, copy of memorandum of association, copy of articles of association, copy of all bank statement of the company, copy of income tax returns filed since incorporation, copy of audited financial statement since incorporation. In case the bank account of the company is freezed, then a letter from the bank is required to be submitted mentioning the account balance and reason for freezing such account.
After making application before NCLT for revival of companies, a copy of petition shall also be served to the Registrar of Companies and other persons on the direction of Tribunal. The petitioner shall be present in the hearing and must take note of all the objections/ observation. The Tribunal will pass an order based upon the hearing. After receiving the order the applicant may proceed to file the same before the registrar of companies within 30 days from the date of order seeking revival of company based upon the order. The Registrar publish the order in official gazette mentioning the details of revival of company.
For the revival of struck off companies, the RoC first intimate to the directors on the registered address of the company regarding struck-off. An opportuinity of being heard is also be given to the directors of the company. The RoC shall also provide timeline for rectification of non-compliance. Even after the intimation by the RoC any company has continuing default then such company is strike off by the RoC. Only option available is revival of struck off companies by application to NCLT.
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