Revival of Struck off companies under Companies Act 2013

Procedure for Revival/ Restoration of Struck off Companies under section 248 of the Companies Act (the Act) 2013 through NCLT, 2017.

Greetings of the day

Before moving to the procedure for revival of companies one must note some basic requirements for such revival

Who Can File Application For Restoration Of Names?
1. Any person aggrieved by order under section 248,

2. Registrar of Company himself

3. by Company

4. by member

5. by creditor

6. by workmen

Time limit for filing appeal

any person aggrieved by the order of the Registrar under section 248 may within 2 years from the date of order file An appeal to National Company Law Tribunal (Tribunal) (In form NCLT-9) for the restoration of Name of Company in the Register of Companies.

Time limit for filing application

A company/member/creditor/workmen can also file application Feels aggrieved by company to Tribunal for restoration of name of the Company (In form NCLT-9) Within 20 years from the publication of the order in the official Gazette.

Grounds on which application can be filed

An application so made will be accepted, if the Tribunal is satisfied that the company was, at the time of its name being struck off, carrying on business or in operation or otherwise it is just that the name of the company is restored to the register of companies. If satisfied, the Tribunal may pass the order for restoration of the name of the company.

Appointment of authorized representative

Every party may appear before a Tribunal in person or through an authorized representative,duly authorized in writing in this behalf. The Authorized Representatives shall make an appearance through the filing of Memorandum of Appearance or a power of attorney in Form No. NCT. 12 representing the respective parties to the proceedings. In case of legal practioner/ advocate, he may make appearance by filing Vakalatnama. Authorized reprenstative means an Advocate or a Company Secretary in practice or a Chartered Accountant in practice or Cost Accountant in practice.

Legal Reasons for Revival/Restrotation –

·   even if company strike off by the registrar, directors turn out to be disqualifying for appointment and appropriate action against the director can be taken.

·   if a director disqualifies then his office as director in all the companies simultaneously vacant

·   if a director fails to comply with his duties then he is liable for penalty u/s 166(7) i.e. 'fine which shall not be less than one lakh rupees but whichmay extend to five lakh rupees.

General Reasons for Revival/Restrotation

1.   Companies are actually in operation and are earning good turnover.

2.   Companies were not aware of the Companies Act provisions (relating to filing of account with ROC) applicable on them.

3.   Due to non receiving of notice issued by the Registrar.

4.   Due to lapse of respond 30 days time.

5.   Due to non submission of reply of Show Cause notice and directly engaged in completing the pending filings.

6.   Due to objection of Creditors/members of the Company.

7.   Due to attraction of disqualification and to remove the disqualification.

8.   Due to actions which could be taken against directors of the company.

General Procedure for revival/restoration of company.

Step-1: Draft an Appeal/Application in Form NCLT- 9.

Step-2: Appeal or Application shall be verified by an affidavit in form NCLT-6

Step-3: Every Party may appear before tribunal in person or through authorized representative, appearance through Memorandum of Appearance in Form NCLT-12

Step-4: Get all Documents arranged in proper manner and get all affidavits properly notarised from a public Notary. Appeal should be with a proper cover letter along with a declaration through Directors that all pending Annual Filing shall be completed within stipulated time as per the directions of the NCLT.

Step-5: Make a demand draft of Rs. 2,500/- (In Favour of Pay and Accounts Officer, Ministry of Corporate Affairs)

Step-6: Serve an advance copy of the appeal or application to the concerned RoC (Speed Post + Physical Submission through a covering letter as well) 14 days before date of hearing

Step-7: Submit the Original Appeal or application along with proof of service to the concerned RoC with NCLT along with demand draft and all the supporting documents/affidavits etc.

Step-8: Notice to be issued by the tribunal to the opposite party shall be in Form NCLT-5

Step-9: Get the matter listed in the concerned court and appear before tribunal in person or through authorized representative for which MOA has been filed for the matter listed in your appeal/application.

Step-10: Issue of Directions by Tribunal to parties

Step-11: If the tribunal got satisfied with you he may pass the Order for revival/restoration.

Step-12: Certified Copy of order so passed by the Tribunal must be filed in form INC-28 with the Registrar within 30 days from the date of the order.

Step-13: On receipt of the order, the Registrar is required to cause the name of the company to be restored to the register of companies and issue a fresh certificate of incorporation. Concerned RoC shall publish the order in Official Gazzette.

Step-14: The Company to comply with pending filing of financial statements and annual returns with Registrar complying with Companies Act, 2013 and rules thereof.

Step-15: Any Restoration costs to be paid to the registrar by appellant or applicant unless the Tribunal directs otherwise.

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Hope this is article will help you or your clients and clarified the conceptual and procedural Part.

DISCLAIMER: The entire contents have been developed on the basis of relevant information and are purely the views of the authors. Though the authors have made utmost efforts to provide authentic information however, the authors expressly disclaim all or any liability to any person who has read this document, or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this document. Reader should seek appropriate counsel for their own situation. I shall not be held liable for any of the consequences directly or indirectly.

Any other suggestions /opinions are welcomed.

Call : CS Megha Sharan - 9717712008, 01165648006.

Online Sale on Flipkart

ONLINE SALE ON FLIPKART :

Pre Requisites for Selling on flipkart:

To start selling, you need to have the following:

PAN Card

GST Number (not mandatory for books)

Bank account and supporting directors KYC documents (Address Proof and Cancelled cheque)

Atleast 10 unique products to sell

Steps to sell on Flipkart:

Register yourself at seller flipkart.com.

List your products (means filling out all the necessary information and adding images of the product so that a customer can make an informed buying decision) under specific product categories including product details such as size, model, color, etc.

Once an order is received, pack the product and mark it as ‘Ready to Dispatch’. Our logistics partner will pick up the product and deliver it to the customer.

Once an order is successfully dispatched, Flipkart will make payment to your account within 7-14 business days of dispatching an order through NEFT transactions.

Fees:

Once an order is successfully delivered, the following deductions are made from the order item value:

Commission fee: It would be a percentage of the order item value which will vary product to product.

Shipping fee: It will be calculated on the basis of the product weight and shipping location.

Collection fee:5% of [Flipkart Selling Price + Shipping Charge to Buyer] or Rs. 20, whichever is higher.

Fixed fee: It is a slab wise fixed fee. It varies from product to product.

Service tax: It will be applicable on all of the aforesaid components.

Manage your orders on Flipkart:

Whenever an order is placed by customer, we will send you an e-mail alert. You need to pack the order and keep it ready for dispatch within the time frame provided by you and inform us through the seller portal. This will alert our logistics partner to pick up the product from you.

Protection Against Fraud:

Flipkart has set up a Seller Protection Fund (SPF) to protect our sellers against fraud. You can request for SPF claim through the seller dashboard. When the buyer or logistics partner defaults, you will receive due compensation.

Benefits of selling at flipkart:

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Sale on Snapdeal

Sale on Snapdeal :

BEFORE SELLING ON SNAPDEAL ALL YOU NEED IS:

New GST Registration

PAN Card

Current Account Number of Proprietorship firm registration

BEFORE SELLING ON SNAPDEAL YOU NEED TO MEET THE FOLLOWING CRITERIA:

You should be authorized to sell in India.You can only sell new and genuine products through Snapdeal.

STEPS TO SELL AT SNAPDEAL:

Registration: Registration at snapdeal is totally free of cost. You can register yourself as a seller at snapdeal with few easy steps by only providing GST Registration, PAN Card and Current Account Number.

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Easy Pick-up & Delivery: With the help of largest logistics network of snapdeal, smooth pick up & delivery across 6000+ cities & towns of your products can be assured.

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FEES:

Snapdeal charges only a small commission for what you sell which will be completely shared & agreed with you at the time of registration.

MANAGE YOUR ORDER:

Snapdeal offers a seller dashboard and mobile app to operate your seller front. You can manage the orders through the “Manage Orders” tab in the seller panel. Once you receive an order you need to pack the ordered goods in the Snapdeal provided packaging material and keep it ready for pick up & dispatch for snapdeal logistics partners.