A Creditor cannot file restoration application under Section 252 of the Companies Act, 2013 only to recover claim the amount due to it from the Company – Akums Drugs and Pharmaceuticals Ltd. Vs. The Registrar of Companies and Ors. – NCLT Hyderabad Bench
Hon’ble NCLT Hyderabad Bench held that no doubt, Applicant being the Creditor of Company is entitled to restore the name of the Company but this is not suffice. The Company has not appeared and it implies that it does not want to restore the Company. The Applicant wants to restore the Company only to claim the amount due to it from the Company. For this, the Applicant can file recovery suit and not to get the Company’s name restored. For restoration of the Company, certain statutory requirements are also to be fulfilled i.e. filing of Financial Statements, which cannot be done by the Applicant.