"National Company Law Tribunal (NCLT) can rectify mistakes in its own orders on suo-moto basis." Comment with reference to the Companies Act, 2013 and Judicial Pronouncements.

As per section 420(2) of the Companies Act, 2013, the National Company Law Tribunal may at any time within two years from the date of the order, with a view to rectifying any mistake apparent from the record: Amend any order passed by it, and Shall make such amendment, if the mistake is brought to its notice by the parties. Provided that no such amendment shall be made in respect of any order against which an appeal has been preferred. Further, pursuant to Rule 11 of National Company Law Tribunal Rules, 2016, Tribunal has inherent power to make such order as may be necessary for meeting the end of justice or to prevent abuse of the process of the tribunal, accordingly, the Tribunal can rectified the order passed by its own. In Sree Ayyanar Spinning & Weaving Mills Ltd. v. Commissioner of Income Tax, 2008 (301 ITR 434) , it was held that under first part of the provision, the tribunal is empowered to suo-moto rectify any mistakes apparent on record any time within two years from the date of its original order. Under the second part, either the taxpayer or the department may file an application highlighting the mistake apparent on record. In light of the provision, the Apex Court held that the appellate tribunal took time beyond the stipulated period even though the application was filed well within the period. Thus, in the mentioned event the applicant has filed the application within the stipulated period of two years from the date of original order, it is binding for the appellate tribunal to decide the matter on the basis of merits and not on the ground of limitation. Thus, Section 420(2) read with Rule 11, 154 and 155 of National Company Law Tribunal Rules, 2016 substantiate that the Tribunal has power to rectify a mistake apparent from the record on its own motion or on an application by a party under the Act.