NCLT summons IBB official over alleged delay in naming RP

Mumbai: The National Company Law Tribunal ( NCLT) has summoned a senior official of the Insolvency and Bankruptcy Board to explain an alleged delay in naming a resolution professional in a case before it, and show why it should not launch contempt-of-court proceedings against him.

Judges Jinan KR and VP Singh of NCLT’s Kolkata bench ordered Sreekara Rao, a deputy general manager at the board, to be present before the dedicated bankruptcy court on Dec 12 in the case involving Shreeshyam Metaliks and Concast Steel & Power. “It appears that the concerned officials intentionally handled this matter casually and carelessly,” the bench said. Rao didn’t respond, until press time to an email from ET seeking comment.

The case was admitted for insolvency proceedings on Nov 7.