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.
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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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.
Learn about the standard operating procedures (SOP) issued by the health department to prevent and manage heat-related illnesses as summer season approaches. Find out how to reduce morbidity and mortality due to heat stress disorders.