Insolvency and Bankruptcy Code: The trouble with resolution professionals

Despite growing demand for resolution professionals, the new-age turnaround experts are still learning on the job

As the first flush of stressed assets under the Insolvency and Bankruptcy Code enter the final resolution phase, there are increasing instances of actions of resolution professionals (RPs) coming under scrutiny.    
 
Take the case of Binani Cement. The promoters, Binani Industries, has recently challenged the RP in the National Company Law Tribunal (NCLT), alleging "personal interest" in undervaluing Binani Cement and then selling the stressed asset to his preferred bidder. One of the bidders, UltraTech, too, has moved the tribunal, questioning the rejection of its bid in favour of Dalmia Bharat.
 
Then, there are other allegations against RPs