Supreme Court Supports Supervising Administrator in Nagad Case
The Appellate Division of the Supreme Court has lifted a previous stay order issued by the Chamber Court that had halted the appointment of an administrator for mobile financial service provider Nagad. As a result, there is now no legal barrier to the administrator continuing operations at the company.
A five-member bench of the Appellate Division, led by Senior Justice Md. Ashfaqul Islam, issued the order on Monday, June 2, following a hearing on the matter.
The court was hearing a petition filed by Bangladesh Bank seeking to overturn the Chamber Court's earlier order that had stayed the central bank’s decision to appoint an administrator to oversee Nagad's operations.
Following the order, Bangladesh Bank's legal counsel B. M. Elias Kochi told reporters, “The Chamber Court had issued an order suspending the administrator’s appointment. That order has now been suspended by the Appellate Division. The administrator was already in place, and now, following the Appellate Division’s ruling, there is no legal impediment to the continuation of the administrator’s duties.”
