Bikki Raveendra Babu, Member - (1.) This Appeal is filed by Member-cum-Director of M/s.Sehan Developers Private Limited seeking restoration of name of the Company Sehan Developers Private Limited in the Register ofCompanies under Section 252(3) of the Companies Act, 2013 read with Rule 87A of National Company Law Tribunal Rules, 2016. Sehan Developers Private Limited was incorporated on 28thNovember, 2008 under the provisions of the Companies Act, 1956. The Registered Office of the Company is situated in Surendranagar, Gujarat. The Authorised, Issued, Subscribed and Paid-up Capital of the Company is Rs. 5,00,000/- divided into 50,000 equity shares of Rs. 10/- each.
(2.) It is stated in the Appeal that the Company was exploring various options for commencement of its project and in the year 2016 it decided to implement a project for construction of a building and it entered into a Memorandum of Understanding on 23rd August, 2016 to purchase two different properties, one admeasuring about 1841.70 sq.mtrs. and another admeasuring about 564.71 sq.mtrs. aggregating about 2406.41 sq.mtrs. in Surendranagar for aconsideration of Rs. 5,50,50,000/- and it made part payment of Rs. 2,30,80,000/- to the vendors of the said property. The Memorandum of Understanding (MOU) is filed as 'Annexure B
(3.) According to the Appellant, the Company has to make balance payment within one year from the date of the MOU and if the name of the Company is not restored the Company and all the shareholders will suffer irreparable loss. The Appellant filed the listof shareholders along with Certificate of the Chartered Accountant. Appellant filed Affidavit stating that he had obtained consent of all the shareholders of the Company for restoration of the name of the Company in the Register of Companies.;