Reporting on Struck Down Companies Revived by NCLT." The National Company Law Tribunal (NCLT) has been playing a crucial role in the resurrection of companies that were previously struck down due to financial distress or other reasons. So, let's dive into the world of struck down companies and their resurrection through the NCLT.

1. Reporting On Struck
Down Companies
Revived By NCLT

2. Introduction
 Reporting on Struck Down Companies Revived by NCLT." The National Company
Law Tribunal (NCLT) has been playing a crucial role in the resurrection of
companies that were previously struck down due to financial distress or other
reasons.
 So, let's dive into the world of struck down companies and their resurrection
through the NCLT.

3. NCLT Revival Process
Filing of application:The application
should provide details of the company's
financial position, reasons for the revival,
and a revival plan.
Verification by NCLT: The NCLT examines
the application to ensure that it meets the
necessary requirements and legal
provisions. If the application is found to
be in order, the NCLT accepts it and issues
a notice to the concerned parties,
including creditors and shareholders
Revival plan: The RP/IP, in consultation
with the stakeholders, prepares a detailed
revival plan outlining the proposed
measures to revive the company. The plan
may include financial restructuring,
operational improvements, debt
restructuring, infusion of fresh capital,
and other necessary actions to ensure the
company's viability.
Approval of the revival plan: The revival
plan is presented before the NCLT for
approval. The NCLT examines the plan to
ensure its feasibility and compliance with
legal requirements. If satisfied, the NCLT
approves the plan, and the company
moves forward with its implementation.

4. Reporting on Revived Companies
Creating
Awareness:When a
company goes through
the process of revival
under the NCLT, it often
undergoes significant
changes in terms of
management,
operations, and financial
structure.
Building Trust: By reporting
on the steps taken by the
NCLT to revive a company,
including the resolution
plan, financial restructuring,
and governance reforms,
stakeholders can gain
confidence in the company's
ability to operate in a
sustainable and ethical
manner
Role of media-The
media plays a vital role
in disseminating
accurate and timely
information about
revived companies.

5. Real-life examples of struck down companies that have
been successfully revived by the NCLT.
1. Electrosteel Steels Limited:
• Nature of business: Steel manufacturing
• Reasons for downfall: Accumulated debt, economic slowdown, and mismanagement
• NCLT intervention: In 2018, Electrosteel Steels went into insolvency proceedings, and
the NCLT approved the resolution plan submitted by Vedanta Limited, an Indian
multinational mining company.
• Positive outcomes: The revival of Electrosteel Steels resulted in the company resuming
operations, protecting the jobs of its employees, and providing relief to its creditors. It
also contributed to the growth of the steel industry and the overall economy.
2. Monnet Ispat and Energy Limited:
• Nature of business: Steel manufacturing
• Reasons for downfall: High debt burden, financial mismanagement, and economic
challenges
• NCLT intervention: In 2018, the NCLT approved a resolution plan submitted by a
consortium led by AION Capital Partners, a joint venture between Apollo Global
Management and ICICI Venture
• Positive outcomes: The revival of Monnet Ispat and Energy Limited led to the retention
of jobs for thousands of employees, the repayment of dues to creditors, and the
restoration of production activities. It also played a role in the growth and stability of the
steel sector.

6. Contetra Can Help
 Strike that is A service that helps you get the details of “STRUCK OFF” companies, for hassle-free compliance with the new mandatory
disclosure requirement of schedule III.
 Contetra provides solution for below two steps only by using below tool-
Step 1- Step 2-
Upload your list MCA Struck Off
Vendors /suppliers
with their GST numbers (which
is easily available with every
finance team). For those vendors
where GST number is not available,
our tool can also do a PAN or CIN
based search.
Receive the output in record
time (powered by our AI-
enabled tool that scrapes through
MCA website for you – leaving no
room for manual errors)

7. Website : https://contetra.com/strike-
that/
Email Id : tejas.savla@contetra.com
Phone No : 98338 18857