Union Ministry Of Corporate Affairs Should Be A Party In All IBC Proceedings : NCLT

As per the latest orders made by the Principal Bench of the National Company Law Tribunal (NCLT), it will be mandatory to make Ministry of Corporate Affairs a party to all the cases under the Insolvency & Bankruptcy Code as well as all Company petitions.

The order was passed while adjudicating upon an application for Corporate Insolvency Resolution Process, initiated by the Oriental Bank of Commerce under Section 7 of the Code.

Stating that making MCA a proper party in all proceedings would facilitate production of authentic record, the bench of President MM Kumar (Judicial) and Member SK Mohapatra (Technical) said,

"in all cases of Insolvency & Bankruptcy Code and Company Petition, the Union of India, Ministry of Corporate Affairs through the Secretary be impleaded as a party respondent so that authentic record is made available by the officers of the Ministry of Corporate Affairs for proper appreciation of the matters."

Further directing that the direction was to be followed at all the Benches of the Tribunal, they said,

"This shall be applicable throughout the country to all the benches of the National Company Law Tribunal. The Registrar shall send a copy of this order to all NCLT benches so that respective Deputy Registrar may ensure that proper parties are impleaded."

Tags :

Published in Others
Source : ,
Views : 69


  LAWyersclubindia Menu

IPC Grand Course     |    x