Striking off the one person company is a rapid process. It is achieved with the fast track exit plan of MCA. When a one-person company becomes a dormant company, the company is inactive and has made no transaction from the past year. It becomes a non-functioning company that can be closed using the fast track exit scheme.
Any dormant company can choose the fast track exit scheme by filing the STK-2 form. But the only necessary condition is the company must not have any assets. It should be held liabilities for any compliance as well. In such cases, a company can strike off by filing the STK-2 form. The strike-off is done by registrar as per the requirements of the Act.