State Bank of India v. M/s. Metenere Limited^[1]

In a recent case, the National Company Law Appellate Tribunal ("NCLAT"), vide its ruling dated May 22, 2020 upheld the order passed by respective National Company Law Tribunal ("NCLT") dated January 4, 2020 with respect to substitution of appointment of an ex-employee of the Financial Creditor as the Interim Resolution Professional (IRP).

Factual Background