Business Standard

NCLAT's resolution professional ruling: Several bankruptcy cases face delay

National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy

NCLAT's nod to Sterling Biotech for settlement with lenders baffles experts
Premium

State Bank of India (SBI), which had proposed the names of its former officials as RPs in several cases, has the option to move Supreme Court to appeal against the NCLAT order, say lawyers.

Dev Chatterjee Mumbai
Fate of several insolvency cases, including EPC Constructions (earlier knows as Essar Projects), Videocon Industries and Metenere hang in balance. This is because the National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy.
 
State Bank of India (SBI), which had proposed the names of its former officials as RPs in several cases, has the option to move Supreme Court to appeal against the NCLAT order, say lawyers.
 
Lawyers said the bankruptcy process will be impacted as the RPs of these companies were earlier

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 25 2020 | 9:54 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com