Praveen Gupta

Corporate restoration proceedings are facing delays in the Allahabad Bench of the National Company Law Tribunal (NCLT), impacting several companies including Shubhasti International, Imran Builders, Sarjumani Agricultural, and Braj Constructions. Recurring issues with the Registrar of Companies (ROC) failing to submit required reports are a primary driver of these adjournments, prompting the NCLT to grant extensions for petitioners to gather necessary documentation from both the ROC and the Income Tax Department. While the Income Tax Department has generally not raised adverse findings, the ongoing procedural hurdles create uncertainty for companies seeking restoration or pursuing amalgamation schemes, such as Canyon Millers and Sainik Industries. These delays highlight potential inefficiencies in regulatory processes and could prolong resolution timelines for businesses navigating corporate restructuring.