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SC Targets Promoter Wealth By Allowing Personal Guarantees To Be Invoked in IBC Cases


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. ....

Justicel Nageshwara Rao , Supreme Court , Reliance Communications , Bankruptcy Code , Justice Ravindra Bhat , Bhushan Steel , Insolvency And Bankruptcy Code , Personal Guarantees , L Nageshwara Rao , Ravindra Bhat , Promoter Wealth , Outsize Loan , உச்ச நீதிமன்றம் , நம்பகத்தன்மை தகவல்தொடர்புகள் , திவால்நிலை குறியீடு , நீதி ரவின்ற பட் , பூஷன் எஃகு , நொடித்துப்போனது மற்றும் திவால்நிலை குறியீடு , ல் நாகேஸ்வர ராவ் , ரவின்ற பட் ,

jaypee infratech: Creditors' panel defers voting on Suraksha's offer for bankrupt-Jaypee Infratech: IRP


Synopsis
Sources said homebuyers representative in the panel will this week conduct a voting process for flatowners to decide whether extra time should be given to both the bidders NBCC and Suraksha.
Agencies
In December 2019, the CoC, comprising 13 banks and around 21,000 homebuyers, approved the resolution plan of NBCC with a 97.36 per cent vote in favour during the third round of the bidding process.
Jaypee Infratech s financial creditors have decided to defer the voting process on Suraksha group s bid, that was scheduled to start from Monday noon, to acquire the troubled realty firm through insolvency. The decision to defer the voting was taken on Monday morning in a meeting of the Committee of Creditors (CoC), which was called after ....

Anuj Jain , Jaypee Infratech , Suraksha Group , Supreme Court , National Company Law Tribunal , Committee Of Creditors Co , National Company Law Appellate Tribunal , Suraksha Realty , Interim Resolution Professional , Idbi Bank , அனுஜ் ஜெயின் , ஜெய்பீ இன்ப்றதேச் , சுரக்ஷா குழு , உச்ச நீதிமன்றம் , தேசிய நிறுவனம் சட்டம் தீர்ப்பாயம் , குழு ஆஃப் கடன் வழங்குநர்கள் இணை , தேசிய நிறுவனம் சட்டம் மேல்முறையீடு தீர்ப்பாயம் , சுரக்ஷா ரியல்டீ , இடைக்கால தீர்மானம் ப்ரொஃபெஶநல் , இட்பி வங்கி ,