In a significant ruling delivered by National Company Law Tribunal ( NCLT ) Ahmedabad has set aside ROC order to struck down the name of the company from ROC register.
M/s J R Diamonds P Limited, company wherein no financial creditors are their was under Insolvency process and eventually went into Liquidation. NCLT vide order dated 01.10.18 company was liquidated and Mr.Vinod T Agrawal was appointed as Liquidator, thereafter during the process of liquidation and sale of assets to realise amount for all stakeholders interest.
Liquidator being aggrieved by the order of ROC appealed before NCLT for the restoration of the company name.
Liquidator through Advocates Nipun Singhvi and Vishal J Dave presented their apathy if the restoration is not done will impact stakeholders to the extent the realisation of money and distribution for their benefits.
NCLT after relying on judgements of Supreme Court and High Court quashed the ROC order and directed the restoration of the company.
