ROC cannot strike off company when insolvency process is pending: NCLT

Ahmedabad: The Registrar of Companies (ROC) cannot strike off the name of a company during Corporate Interim Resolution Process, which is reported to have pending litigation, the Ahmedabad Bench of National Company Law Tribunal (NCLT) has held.

The bench said so while deciding the appeal moved by the liquidator of a company against its name being struck off the register of companies for non-filing of annual returns.

The order of the Tribunal came on an appeal by Vinod Tarachand Agrawal, the liquidator of M/s J R Diamond Pvt Ltd, the deregistered company to restore the name of the company in the register of companies maintained by the Registrar of Companies (ROC), Gujarat.

Nipun Singhvi and Vishal Dave, Agrawal's counsel submitted that J R Diamonds, at the time of deregistration had assets over Rs 81,26,35,384 which included its investment in preference shares of another firm.

They said since the said preference shares are matured and the payment recovery is due for which a petition is pending before NCLT, Bengaluru, the name of the company should not have been struck off.

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