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SC Targets Promoter Wealth By Allowing Personal Guarantees To Be Invoked in IBC Cases
by R Jagannathan - May 24, 2021 06:32 AM
The Supreme Court of India. (SAJAD HUSSAIN/AFP/Getty Images)
Snapshot
The free lunch is over.
Last week, the Supreme Court struck a major blow against cronyism by holding that the personal guarantees given by businessmen can be called in even if their companies have filed for bankruptcy under the Insolvency and Bankruptcy Code (IBC).
A two-judge bench comprising Justice L Nageshwara Rao and Justice Ravindra Bhat upheld a 2019 amendment to the IBC which said that the personal guarantees given by promoters who took bank loans could be invoked even after insolvency proceedings are started. ....

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