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SC Upholds Provisions Allowing Lenders to Pursue Insolvency Proceedings Against Promoter Guarantors - (21 May 2021)

INSOLVENCY

Supreme Court has upheld provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. This would allow banks to file personal bankruptcies against guarantors, even when the insolvency of firms is yet to be resolved.

Tags : SUPREME COURT   INSOLVENCY PROCEEDINGS AGAINST PROMOTER GUARANTORS  

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