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Insolvency Professionals Troubled by Threats of Assault, Lawsuits
May 23, 2018
In what’s a major blow to the already deep-rooted problem of bad loans in India, insolvency professionals (IPs) appointed for the resolution of non-performing assets (NPAs) are receiving threats, both physical and legal.
Recently, prominent insolvency professional Devendra Jain was kidnapped in an attempt to throw a spanner in the works of insolvency proceedings. In view of such risks, he said that the “insurance should also cover professional charges of the insolvency professionals”.
In another case, a Delhi-based IP was beaten up by some individuals who lost money in a debt-ridden firm and mistook him for a management professional of the same firm.
As of today, nearly 2,000 cases are pending with the National Company Law Tribunal (NCLT).
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