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Fast track exit scheme - query on defunct co.

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(Querist)
27 April 2012 Dear..l A company has cash Rs. 150000, Capital Rs. 100000 and P & L (Cr) balance Rs 50000. It is not carrying any business since past 2 years. Can it be treated as defunct and apply in FTE?
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vignesh

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vignesh (Expert)
27 April 2012 Dear Shubham,

The eligibility for FTE mode is Share Capital in Liabilities and P&L (Dr) in Assets for the company and also it has not carried business for past one year. So you must nil the cash and P&L (Cr) balances to file under FTE
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Shubham

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Shubham (Querist)
27 April 2012 Thanks..
I have another question?
If a company has unsecured loan only in liability side and there in no other assets and liability, then
May the company treated as defunct if NOC is received from Director for relinguish his Loan?
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Saroja

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Saroja (Expert)
28 April 2012 unsecured loan - does not matter for closing the company under FTE. U can striking off the company name under Section 560.
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