The services for drafting and filing revival petitions of companies typically involve comprehensive legal and procedural support to restore a company that has been struck off or is under the process of liquidation. Here’s an overview:
Initial Assessment: Evaluating the company's eligibility and feasibility for revival under applicable laws and regulations.
Legal Drafting: Drafting the revival petition in compliance with the Companies Act or other relevant laws, outlining grounds for revival, financial statements, and any supporting documents required.
Filing with Authorities: Managing the process of filing the revival petition with the National Company Law Tribunal (NCLT) or other regulatory authorities as per jurisdictional requirements.
Representation: Representing the company in hearings or proceedings related to the revival petition, addressing any queries or concerns raised by regulatory authorities.
Compliance Management: Ensuring compliance with procedural requirements, deadlines, and documentation specified by the NCLT or other regulatory bodies during the revival process.
Coordination: Coordinating with stakeholders, including directors, shareholders, creditors, and regulatory authorities, to facilitate the revival process smoothly.
Negotiation and Resolution: Assisting in negotiations with creditors and stakeholders as necessary to resolve outstanding issues and objections to the revival petition.
Post-Revival Compliance: Advising on post-revival compliance requirements such as updating statutory records, filings with regulatory authorities, and compliance with ongoing legal obligations.
Strategic Guidance: Providing strategic advice on corporate restructuring, financial planning, and operational adjustments post-revival to ensure sustainable business operations.
Customized Solutions: Tailoring services to meet specific client needs and objectives, addressing unique challenges and requirements related to company revival.
1. Petition Details:
The documents required for drafting and filing revival petitions of companies typically include:
Memorandum and Articles of Association: Copies of the company's Memorandum and Articles of Association.
Financial Statements: Audited financial statements of the company for the past few years, demonstrating the financial position.
Board Resolutions: Resolutions passed by the board of directors authorizing the filing of the revival petition and approving related actions.
Shareholder Resolutions: Resolutions passed by the shareholders approving the revival petition and related matters, if required by the company's Articles of Association.
Affidavit: An affidavit verifying the details provided in the petition, signed by authorized persons such as directors or company officers.
Details of Directors and Shareholders: Information regarding current and past directors, shareholders, and their respective shareholdings.
Statement of Affairs: A statement of affairs outlining the assets, liabilities, and financial position of the company.
Consent Letters: Consent letters from directors and shareholders agreeing to the revival process and confirming their roles and responsibilities.
Other Relevant Documents: Any other documents required by the National Company Law Tribunal (NCLT) or relevant regulatory authorities as per jurisdictional requirements.
What is a company revival or revival petition?
A company revival refers to the process of restoring a company's legal status after it has been struck off or dissolved, typically through a revival petition filed with the appropriate regulatory authority.
Under what circumstances can a company be revived?
Companies can be revived if they were struck off due to non-compliance, voluntary dissolution, or other reasons specified under company law. Revival may also be sought to rectify administrative errors or for economic reasons.
Who can file a revival petition?
Typically, directors, shareholders, or creditors of the company can initiate a revival petition. Legal advisors or professionals specializing in company law often assist in preparing and filing these petitions.
What documents are required to file a revival petition?
Documents required may include the company's Memorandum and Articles of Association, financial statements, board resolutions, shareholder approvals, affidavit verifying details, and other specific documents as per regulatory requirements.
What is the procedure for filing a revival petition?
The procedure involves drafting the petition, compiling necessary documents, filing with the relevant authority (such as the National Company Law Tribunal or Registrar of Companies), and attending hearings or meetings as required.
How long does the revival process typically take?
The duration can vary based on factors such as jurisdiction, the complexity of the case, and any objections or clarifications required by regulatory authorities. It may take several months to complete.
