- Principal Bench of the National Company Law Tribunal (NCLT), in an order passed in one of the CIRP cases directed that it will be compulsory to make Ministry of Corporate Affairs a party in all to all the cases which is filled under the Insolvency & Bankruptcy Code as well as all Company petitions.
- The order dated 22.11.2019 was passed by Nclt while adjudicating upon an application under section 7 of Insolvency Code 2016 initiaied by Oriental bank of commerce aginst the Sikka Paper Limited.
- In the order it is stated that “In all cases of Insolvency & Bankruptcy Code and Company Petition, the Union of India, Ministry of Corporate Affairs through the Secretary be impleadeas a party respondent so that authentic record is made available by the officers of the Ministry of Corporate Affairs for proper appreciation of the matter”
- NCLT gave futher direction to all the benches of Tribunal to follow this order and 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.”
Click here to read full order: Oreintal-Bank-of-Commerce-Vs.-Ms.-Sikka-Papers-Ltd.-Ors