Authority: National Company Law Tribunal, Indore Bench Court No. 1
Order Date: 15 June 2026
Case Overview
The petition was filed by Mr. Nitin Kumar Sharma under Section 252(3) of the Companies Act, 2013, seeking restoration of the name of M/s. Nitin LPG Private Limited (CIN: U51102MP1999PTC013652) to the Register of Companies maintained by the Registrar of Companies, Madhya Pradesh, Gwalior. The company was struck off from the Register of Companies with effect from 24 October 2019, following publication of a Gazette notification dated 9 November 2019.
During proceedings, the tribunal examined the audited Balance Sheets for FY 2016-17 and FY 2024-25 filed as Annexure A-7. The bench noted a significant discrepancy in the company's tangible fixed assets. As per the Balance Sheet dated 31 March 2017, the Tangible Fixed Assets stood at ₹64,34,540. However, the Balance Sheet as at 31 March 2025 showed these assets at only ₹9,07,816, representing a reduction of ₹55,26,724 during the intervening period, which includes the period from 24 October 2019 when the company stood struck off.
The tribunal has raised concerns about this substantial reduction in asset value and has directed the applicant's counsel to provide a detailed clarification addressing three specific points: the nature of the Tangible Fixed Assets reflected in the 2017 Balance Sheet at ₹64,34,540; the reasons for the reduction in value from ₹64,34,540 to ₹9,07,816 between 2017 and 2025; and whether any transfer, disposal, encumbrance, or alienation of company assets or properties occurred during the period from the striking off date (24 October 2019) until the present date.
Final Outcome
The matter has been adjourned to 23 June 2026 for consideration of the clarification regarding the asset value reduction. The restoration petition will not proceed until the applicant provides satisfactory explanations to the tribunal's queries about the significant reduction in company assets.
Topics: Company Restoration, Asset Discrepancy, NCLT Proceedings