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2019 (11) TMI 1546 - Tri - Insolvency and BankruptcyGrant of one week time to do the needful - HELD THAT - The direction issued in numerous orders of admission of petition under Section 7 9 10 of the Insolvency Bankruptcy Code have not been complied with wherein we have asked the ROC to update the master data of the Corporate Debtor so as to inform the public at large about the status of the company which has come under Corporate Insolvency Resolution Process. By virtue of imposition of moratorium under Section 14 the board of directors is suspended and why the uploading by RP who represent the Board of Directors/ management of the company is not permitted. In the alternative the mechanism for uploading the data like annual accounts etc. on the website of the ROC may be clarified. The needful shall be done within a week with a copy in advance to the counsel for the applicant.
Issues: Compliance with directions in admission orders under the Insolvency & Bankruptcy Code, suspension of board of directors during moratorium, mechanism for uploading data on ROC website, impleading Ministry of Corporate Affairs as a party respondent.
In the judgment delivered by the National Company Law Tribunal, New Delhi, the issues addressed include the compliance with directions in admission orders under the Insolvency & Bankruptcy Code. The court directed the Deputy ROC to file an affidavit within a week regarding the update of master data of the Corporate Debtor to inform the public about the company's status under Corporate Insolvency Resolution Process. Additionally, the issue of suspension of the board of directors during the moratorium period was raised, questioning why the uploading of data by the RP representing the Board of Directors/management of the company was not permitted. The court sought clarification on the mechanism for uploading data like annual accounts on the ROC website. Furthermore, the judgment emphasized the importance of impleading the Ministry of Corporate Affairs as a party respondent in all cases of Insolvency & Bankruptcy Code and Company Petition. This step aimed to ensure that authentic records are made available by the officers of the Ministry for a proper understanding of the matters. The court directed the Registrar to send a copy of this order to all NCLT benches to ensure proper parties are impleaded, with a list for further consideration scheduled on 11.12.2019. The comprehensive directions in the judgment highlight the significance of compliance with legal procedures and the involvement of relevant parties for a fair and informed adjudication process.
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