Ensuring Regulatory Compliance and Lifecycle Management

Striking Off and Revival of Companies: Ensuring Regulatory Compliance and Lifecycle Management

The striking off and revival of a company are two important processes governed by the Companies Act, designed to regulate the lifecycle of companies and ensure compliance with legal requirements. Striking off a company involves removing its name from the register of companies maintained by the Registrar of Companies (RoC) due to non-compliance, financial irregularities, or cessation of business activities. This can be initiated either voluntarily by the company itself or by the RoC for non-compliance. On the other hand, revival refers to the reinstatement of a struck-off company's name in the register, typically initiated through a petition to the National Company Law Tribunal (NCLT) by stakeholders seeking to restore the company's legal existence. The revival process involves addressing the reasons for striking off, settling outstanding liabilities, and demonstrating readiness to resume business operations. Successful revival allows the company to regain its legal status, continue its operations, and fulfill its obligations to stakeholders. Both processes are critical for maintaining the integrity of the corporate sector, protecting stakeholders' interests, and ensuring adherence to regulatory standards.