Sir/Madam
A pvt ltd company bought a land in 2005
The said pvt ltd company was struck off and noted in gazette in 2011
The land asset was transferred to one of the directors via a company board resolution dated 2010 and the company was struck off in 2011 showing nill assets )actual sale deed still contains company name only_
Now due to various reasons they want to transfer the land to one of the creditors
The sale deed still shows the pvt ltd company in it, so can the director transfer the land back to creditor without reopening the company via NCLT?
as per section 252(3) it says company directors have 20 years to apply to NCLT to reopen the company and make it live and then transfer the asset to the creditors.
Questions
1) What happens after 20 years? Can the creditor get back the land asset at all? what happens to the land?
2) If company directors refuse can the creditor themselves apply to NCLT? If so what documentation proofs NCLT needs for a creditor?
3) The 20 years time limit is only for the date of application for revival ONLY or for the date of revival itself? I.e in this case can the date of application of revival in NCLT be done in 2031 and if NCLT proceedings take 2 more years can the company be revived in 2033 even though it becoms 22 years from date of struck off?
4) What happens after 20 years will the land asset be vested with the state goverment? If so how the creditor can retrive the land asset? Are there any NCLT precedences for such cases?
Thanks a lot
CAclubindia
