Chamber court’s stay order withdrawn, no bar to administrator running ‘Nagad’

The Appellate Division has withdrawn the stay order issued by the Chamber Court on the appointment of an administrator to run the mobile financial services (MFS) provider ‘Nagad’.

A five-member bench of the Appellate Division, headed by justice Md. Ashfaqul Islam, passed the order on Monday.

The order came following a hearing on a petition filed by Bangladesh Bank (BB) seeking withdrawal of the Chamber Court’s stay on the decision to appoint an administrator to oversee Nagad’s operations.

Following the order, Bangladesh Bank’s lawyer BM Elias Kochi told Prothom Alo that the Chamber Court had ordered to suspend the appointment of the administrator.

The Appellate Division has suspended the Chamber Court's order. The administrator had been appointed earlier, and he is there. There is no legal obstacle to the administrator’s activities as a result of the order of the Appellate Division.