IBBI: competent body to act against resolution professional

The Insolvency and Bankruptcy Board of India (IBBI) will be the competent authority and not the National Company Law Tribunal (NCLT) to act against any resolution professional (RP) for dereliction of duty, the National Company Law Appellate Tribunal has stated in an order recently. This will encourage professionals who find huge career opportunity in this new-age profession that plays a crucial role in the fight against bad loans. At the same time, this could end the corporates’ delay tactics by levelling false allegations against the RPs.