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MCA Should Be Impleaded As A Party In All IBC Cases And Company Petitions: NCLT [Read Order]

By LAWSTREET NEWS NETWORK      26 November, 2019 05:11 PM      0 Comments
MCA Should Be Impleaded As A Party In All IBC Cases And Company Petitions: NCLT [Read Order]

The National Company Law Tribunal, Principal Bench on November 22, 2019, in the case of Oriental Bank of Commerce v. M/s. Sikka Papers Ltd. & Ors., has directed that Union Ministry of Corporate Affairs should be impleaded as a party in all the cases under the Insolvency & Bankruptcy Code, 2016 (IBC) as well as the Company petitions before the Tribunals.

The Bench of President M.M. Kumar (Judicial) and Member S.K. Mohapatra (Technical) passing the direction has clarified that it shall be applicable throughout the country to all the benches of the NCLT.

The Tribunal directed the registrar to send a copy of the order to all NCLT benches so that respective Deputy Registrar may ensure that proper parties are impleaded.

As per the order, the Tribunal found necessary to pass the direction so that authentic record is made available by the officers of the ministry for proper appreciation of the matters.

The order reads:

"We further direct that 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.

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."

[Read Order]



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