SC appalled over arrest of court-appointed Interim Resolution Professional
The Supreme Court Tuesday was appalled over arrest of court-appointed Interim Resolution Professional (IRP) for managing the affairs of debt-ridden Jaypee Infratch Limited (JIL) in a criminal case by Uttar Pradesh police and ordered his forthwith release while issuing a show cause notice to an erring cop.
The apex court observed that the police official dealing with the case is not familiar with the provision of privilege of interim resolution appointed by the court under the IBC.
Anuj Jain was appointed by the top court under the Insolvency and Bankruptcy Code (IBC) and was entrusted with the task to ensure functioning of Jaypee Infratch till the resolution process to resurrect the ailing company is decided.
