NCLT Allows MCA’s Amendment Plea as SFIO Findings Were Integral to IL&FS Fraud Proceedings

Union of India Vs Milind Patel and Ors. (NCLT Mumbai) The Ministry of Corporate Affairs (MCA) filed an application under Rule 11 of the NCLT Rules, 2016, seeking amendment of Company Petition No. 3638 of 2018 to introduce prayer clause (e) based on the findings of the SFIO Investigation Report concerning IL&FS Financial Services Limited (IFIN). The proposed amendment sought a declaration under Section 339 of the Companies Act, 2013 that certain respondents had knowingly participated in the fraudulent conduct of IFIN and should be directed to compensate creditors and other affected persons....