KATHMANDU: CPN-UML’s disgruntled Madhav Nepal faction has finally decided to register a new party at Election Commission (EC) on Wednesday afternoon.

According to sources, with the issuance of an ordinance on political parties, UML’s Nepal faction has formally decided to desert the KP Oli-led CPN-UML.

The central committee members and lawmakers of the disgruntled faction have gathered at the Aryal Hotel in New Baneshwor to finalize the party registration process.

Leader Rajendra Pandey has been collecting signatures for party registration, the source said.

Addressing the UML’s sister organization on Tuesday, leader Nepal had remarked that the party was in the final stage of re-organization.

The source claimed that out of 12 Standing Committee members formerly in favor of leader Nepal, only four has consented for the formation of new party.

Senior leader Jhala Nath Khanal, Mukunda Neupane and Beduram Bhusal have signed in favor of the new party.

The Nepal faction has claimed that Vice Chairman Bamdev Gautam will also join the new party. Sources claim that Madhav Nepal is preparing to name the party CPN-UML Socialist.

President Bidya Devi Bhandari on Wednesday morning issued the ordinance on political parties on the recommendation of the cabinet.

The new ordinance has paved way for party split as 20 percent members in Central Committee or parliamentary party could go for formation of new party if they opted so.