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No more leeway for personal guarantors post SC verdict By IANS | 0 Views
SC says remarks against top court growing and everybody joining (Photo Courtesy: Twitter). Image Source: IANS News New Delhi, May 21 : With the Supreme Court on Friday upholding the Centre s notification of November 15, 2019, allowing financial institutions to proceed against individual personal corporate guarantors for recovery of loans of a company under Insolvency and Bankruptcy Code (IBC) proceedings, legal experts say this verdict will go a long way in terms of recovery of dues by the creditors. DHFL s former promoter Kapil Wadhawan and Bhushan Power & Steel s former owner Sanjay Singal may be among the affected people post the verdict. ....
× Former promoters of defaulting companies that are under the insolvency process can hope to take back control of their companies if the debt resolution process fails to find new owners. The recent decision by consortium of lenders led by IDBI Bank to allow C Sivasankaran to take ownership of his company by paying an amount higher than the liquidation amount may have raised hopes of erstwhile promoters such as Naresh Goyal, Anil Ambani and Punj Lloyd. The companies once owned by these promoters including Jet Airways, Reliance Communications and Punj Lloyd are heading towards liquidation under the IBC process. Bad precedent ....
Centre extends suspension of insolvency initiation under IBC till March 25 December 23, 2020 Calibrated end of suspension may have helped debtors, say experts The Ministry of Corporate Affairs (MCA) has extended by three more months from December 25 to March 25 the suspension of insolvency proceedings initiation against corporates for debt defaults. A six-month suspension was first introduced on June 5 for debt defaults arising post March 25, 2020, when the Covid-induced lockdown was announced. The suspension was to end on September 25, but was extended up to December 25. The latest MCA move comes on the heels of Finance Minister Nirmala Sitharaman indicating a few days back, at an industry interaction, that the government had decided to extend IBC suspension till March next year. ....