The National Company Law Tribunal (NCLT), Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram (Judicial Member) and Dr Binod Kumar Sinha (Technical Member) has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be initiated against a company struck off by Registrar of Company (RoC) and the power to restore the name of such a company under section 252 of Companies Act, 2013 (Companies Act) is not a Suo motu power of NCLT.
Background Facts
In the year 2010, the Greater Noida Industrial Development Authority (GNIDA) floated a Scheme for the Allotment of large group Housing/Builders Residential Plots to M/s. Earth Infrastructure Limited (EIL/Lead Member) and its other two subsidiaries….
Read the full article at: https://www.livelaw.in/ibc-cases/nclt-delhi-application-us-7-ibc-cannot-be-initiated-against-a-struck-off-company-nclt-cant-suo-motu-restore-the-name-243228