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Personal guarantors in the crosshairs as lenders step up heat to recover their dues

Personal guarantors in the crosshairs as lenders step up heat to recover their dues
livemint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livemint.com Daily Mail and Mail on Sunday newspapers.

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Net profit | JSW Steel Ltd face 46 per cent drop in profit after tax to ₹1,322 crore in quarter ending March

Net profit | JSW Steel Ltd face 46 per cent drop in profit after tax to ₹1,322 crore in quarter ending March
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JSW Steel net down 65% at ₹1,322 crore on lower realisation, higher cost

JSW Steel net down 65% at ₹1,322 crore on lower realisation, higher cost
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Mint Explainer: What the Subhash Chandra case means for personal guarantors

It has implications for Reliance ADA Group chairman Anil Ambani, Videocon chairman Venugopal Dhoot, and Bhushan Power and Steel promoter Sanjay Singal, who also face personal-insolvency proceedings in the NCLT.

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Pradip Overseas: Guarantors plan for Pradip Overseas gets NCLT nod

The ruling is expected to set a precedent for promoters of bankrupt companies who are facing proceedings under the Insolvency and Bankruptcy Code (IBC), being joint personal guarantors or having common assets. The National Company Law Tribunal (NCLT) while approving the repayment plan, also observed that the creditors shall withdraw all the legal proceedings before various fora against the debtor within one month of the fulfilment of repayment obligations.

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