Section 137 : Restoration of registration of company of which registration was cancelled

1) In the case of cancellation of the registration of a company pursuant to Sub-section (5) of Section 136, where the company or its shareholder or creditor makes a petition , setting out the reasons, to the Court to have the company restored, no later than five years after the date of publication of the notice of cancellation of registration of the company, the Court may, if the following circumstance, order to restore the company and restore its name in the company register:

(a) If it appears that the registration of the company was cancelled while such company was carrying on its business;

(b) If the Court considers it to be just to restore the name of the company for the proper management of the assets and liabilities of such company.

2) In the event of restoration of a company by virtue of an order of the Court pursuant to Sub-section (1), the company shall be considered to have been in existence from the date of its registration.

3) In issuing an order pursuant to Sub-section (1) , the court may issue such orders and make an order to make such arrangements as it may consider appropriate and necessary for restoring the company and all other persons into the status quo ante as if the registration of the company were not cancelled.

4) Where a company is restored pursuant to Sub-section (1) and any fine as referred to in Section 81 is to be paid , the company shall be restored and its name re-entered in the company register only after such fine is paid to the Office.

5) Where a company of which registration has been cancelled pursuant to Section 136 is restored pursuant to this Section, such company shall have the following property reverted to it:

(a) Any property received by its shareholders in such capacity pursuant to Sub-section (8) of Section 136 by virtue of the cancellation of registration of the company;

(b) Where the property as referred to in Clause (a) has already been sold and disposed of, the proceeds of such sale and disposal.

Provided, however, that no property or amount already employed in the payment of debt or liability of a creditor shall be returned.