Mumbai, July 15, 2026: The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency petition filed by Adamji Investments Private Limited against M Cons Media Marketing Private Limited, holding that corporate insolvency proceedings cannot be initiated against a company whose name has already been struck off by the Registrar of Companies (RoC).
NCLT Cites Legal Position
“The purported service of notice upon the Corporate Debtor on March 17, 2025, cannot be treated as valid service. Once the company stands dissolved, service upon such a non-existent entity is legally not possible. This Tribunal is of the opinion that since notice cannot be served upon a non-existent person and following the principles of natural justice as enshrined by the Hon’ble NCLAT in Starlog Enterprises Ltd. v. ICICI Bank Ltd. and the judgment of the Hon’ble Supreme Court in Maruti Suzuki, this Tribunal finds that effective service upon the Corporate Debtor has not been made……. In view of the legal position enunciated in the Fedex judgment (supra), and considering that the Respondent Company stands dissolved with its Certificate of Incorporation cancelled by operation of Sections 248 and 250 of the Companies Act, 2013, we are of the considered opinion that the Respondent no longer satisfies the definition of a 'Corporate Debtor' under the Insolvency and Bankruptcy Code, 2016 (the Code),” the order reads.
The petition, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), sought initiation of the Corporate Insolvency Resolution Process (CIRP) against M Cons Media Marketing over an alleged default of Rs 11.73 crore, including Rs 2.18 crore in principal and Rs 9.55 crore towards contractual interest.
According to the petitioner, the parties had entered into a Memorandum of Understanding (MoU) in February 2014 under which financial assistance of up to Rs 3 crore was to be extended to the respondent company.
Adamji Investments claimed it had disbursed over Rs 2.33 crore and that the debt, carrying interest at 24% per annum, became payable on February 26, 2020. The creditor also relied on multiple balance confirmation letters issued by the company over the years acknowledging the outstanding dues.
Company Already Struck Off
During the proceedings, however, it emerged that the Registrar of Companies had issued Form STK-7 on April 7, 2022, striking off the respondent company from the register of companies after publishing an earlier public notice in December 2021.
The bench further noted that the financial creditor had not taken any steps to seek restoration of the company's name under Sections 248(8) or 252(3) of the Companies Act before approaching the NCLT.
Also Watch:
It also held that notices purportedly served on the respondent in March 2025 could not be treated as valid because the company had already ceased to exist in law. The tribunal said that service of notice on a non-existent entity violates the principles of natural justice and cannot sustain insolvency proceedings.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
