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What about limited liability, your honour? SECTIONS Last Updated: May 24, 2021, 11:04 PM IST Share Synopsis Limited liability played a vital role in advancing entrepreneurial risk-taking and capitalism’s creative destruction. If a person’s entire worth was at stake every time he or she ventured into a new project, fewer projects would be undertaken. If only the capital that has been infused in a company is at risk in case the company fails, and the rest of the entrepreneur’s assets are safe, she would be encouraged to keep trying till she met with success. The Supreme Court ruled last week, upholding the validity of an official notification that allowed banks to enforce the personal guarantees offered by promoters even in cases where default on the loans so guaranteed had led to insolvency resolution proceedings. This is a double-edged sword. Beyond upholding the obvious sanctity of a legal agreement by associates of the borrower to hand over personal assets in case the

Supreme courtPersonal assetsObvious sanctityPersonal guaranteesஉச்ச நீதிமன்றம்தனிப்பட்ட சொத்துக்கள்