Bankruptcy cases: Resolution professionals under attack from bidders, NCLT

The arbitrary way of handling of IBC cases by RPs has led to litigation and delayed resolution of bank debt worth Rs 3 trillion, say lawyers

Resolution professionals (RPs) are coming under sharp attack not only from bidders but also the National Company Law Tribunal (NCLT) for not following the process mandated under the Insolvency and Bankruptcy Code (IBC), 2016. The arbitrary way of handling IBC cases has led to litigation and delayed resolution of bank debt worth Rs 3 trillion, say lawyers.

The courts have already given directions in the bidding process undertaken by the RPs of Binani Cement, Essar Steel, Bhushan Power and Jaypee Infratech, witnessing extensive litigation, and bidders say the final verdict is still a few months away. On Monday, the NCLT’s