Installing a panelboard above or below another panelboard

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Is it possible to mount two panelboard (12/18-pole) above or below each other. This would be a regular electrical closet. Obviously, I am very tight on space and the panels are fed from different places; so I am unable to use one larger 42-pole panelboard.

Assuming I can maintain the maximum breaker height (6'7" IIRC), can two panels be installed one above each other?
 
The NEC would allow that, and I have done something similar to that. The tricky part is the routing of conduits, but there are a couple acceptable solutions to that issue. One is to route conduits upwards from the upper panel and downwards from the lower panel. Another is to route conductor from one panel through the other.
 
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