After receiving the published notice of cancelation of registration of the company, the company or its shareholders or creditors may file an application at High Court for its restoration backed by the reasons, no later than 5 years after the date of publication of such notice.
The court may restore the registration of a company on following grounds:
- If deregistration took place while company was carrying out its business
- If court considers reasonable to restore the company’s registration for the proper management of the company’s liabilities or assets.
Note: Before the restoration of the Company in the log book of registration, company needs to pay all their fines imposed for failure to submit annual returns on time.
Upon the restoration of registration of a company, all the properties/assets/rights transferred to its shareholders by virtue of the cancellation of registration of a company, shall be transferred back to the company. If the property so transferred to the shareholders has already been sold and disposed of then, the amount received out of such shall be returned to the company.
Provided that, no property or amount employed in the payment of creditor’s debt or liability shall be returned to the company.
|S.N.||Paid up Capital||Fees|
|1.||Up to Rs. 10,00,000.00||Rs. 1,000/-|
|2.||More than Rs. 10,00,000.00||Rs. 5,000/-|
Fig. no. 1 Fees structure for cancellation of registration of a Company