The National Company Law Appellate Tribunal (NCLAT) last week stayed a recent order by the National Company Law Tribunal’s New Delhi Bench, which prohibited appointing a former bank official as independent resolution professional (IRP) of a bankrupt company because of the possibility of “bias”.

The NCLT order had cast a doubt on debt resolutions of several companies including Videocon Industries and Essar Projects, where former bank officials are working as IRPs.

NCLAT stays NCLT ban on ex-bankers’ appointment as resolution professionals

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