The Limitation Period
Section 252(3) permits an application for restoration to be made to the NCLT within twenty years from the date of the strike-off order. The limitation is long but not indefinite. An application filed after twenty years is barred unless the NCLT exercises its inherent powers in exceptional circumstances.
The Grounds for Restoration
The applicant must satisfy the NCLT that the company was, at the time of the strike-off, carrying on business or was in operation, or that it is otherwise just to restore the company. The applicant may be a member, creditor, or the ROC. The NCLT may impose conditions, including the filing of overdue statements and the payment of penalties.
The Procedure
The application is filed in the prescribed form, supported by the statement of affairs, the reasons for the strike-off, and the evidence of the company’s operations. The NCLT issues notice to the ROC and to the other stakeholders, and may direct the ROC to restore the company’s name to the register.
The Consequence of Restoration
On restoration, the company is deemed to have continued in existence as if it had not been struck off. The directors’ disqualification may be reviewed, and the company must file the overdue statements. The restoration does not extinguish the liabilities that accrued during the struck-off period.
Call to Action: For Section 252 restoration application, limitation assessment, or overdue filing coordination, contact office@anujdesaiassociates.com or 9619456656. Website: https://anujdesaiassociates.com. LinkedIn: linkedin.com/in/ca-anuj-desai-122547230.