Halo Private Ltd, had four shareholders, each holding, 25,000 equity shares of ₹ 10. These shareholders were also the directors on the Board. The Company was initially doing well operationally and financially. However, a

CS Professional · Multidisciplinary Case Studies · PYQS · December 2023
Halo Private Ltd, had four shareholders, each holding, 25,000 equity shares of ₹ 10. These shareholders were also the directors on the Board. The Company was initially doing well operationally and financially. However, after four years of operations, differences arose between the directors managing the Company's business and the regulatory filings of the Company were impacted and not made within time. It was mutually agreed that the Company should be wound up. Accordingly, a voluntary application was filed as per the Companies Act, 2013 in January 2019 and the matter was pending before NCLT. However, one of the directors wanted to revive the Company and had filed an appeal under Section 252 of the Companies Act, 2013, for revival of the Company, which was pending adjudication before the NCLT. Meanwhile the Registrar of Companies (RoC) struck off the name of the Company from Register of Companies with effect from September 1, 2019. In the background of judicial pronouncements, comment whether NCLT can proceed with the winding up petition ?

Topics: Insolvency and Bankruptcy Code

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