Supreme Court: MCA may re-open IL&FS accounts for last 5 years

New Delhi: The Supreme Court on Tuesday permitted the ministry of corporate affairs to re-open and recast the accounts of crisis ridden IL&FS for last five years.

Allowing the ministry of corporate affairs to go ahead with the re-opening and recasting of IL&FS accounts, the apex court vacated its April 29, 2019, order staying the operation of NCALT order by which the tribunal had allowed the government go ahead with the re-opening and the recasting of the beleaguered company’s accounts fort past five years.

The vacation bench of Justice Indu Malhotra and Justice M.R. Shah observed, “We have no reason to interfere with the tribunals order” and the MCA can proceed with the opening of the accounts and recasting of the accounts of last five years.