The corporate world has suffered a major setback from the Supreme Court. Now the difficulties of other defaulters including Anil Ambani are going to increase. The apex court upheld the central government notification which empowered banks and financial institutions to take action against the defaulting corporate debtor's promoters (personal guarantors). This order of the apex court has cleared the way for lenders to recover the remaining debts from individual guarantors after the conclusion of the Corporate Insolvency Resolution Process (CIRP).
Supreme Court upheld the notification
Industrialists like Anil Ambani, Kapil Wadhawan, Sanjay Singhal, and Venugopal Dhoot challenged the notification of November 15, 2019, wherein the Insolvency and Bankruptcy Code (the scope of the provisions of the IBC was extended to promote) Justice L. Nageswara Rao And for the year 2019 in this judgment given by a bench of Justice S. Ravindra Bhat. This notification has been called "legal" and valid.
Now SBI can take bankruptcy proceedings against Anil Ambani. Although the Delhi High Court had earlier stayed the bankruptcy proceedings, the Supreme Court has issued an order of action justifying it.
SBI filed a petition in the Delhi High Court
Three companies owned by Anil Ambani owe more than Rs 49,000 crore to banks. Last year, the State Bank of India named Anil Ambani's 3 Reliance Group as 'fraud'. The country's largest bank SBI had filed a petition against three companies of Anil Ambani's Reliance Group in the Delhi High Court. The bank had told the High Court that during their audit the funds have been misused, transferred, and manipulated. It should be investigated by CBI. However, the Delhi High Court had ordered the SBI to maintain the status quo.
Bank can recover money from guarantors
The borrower makes his friends or close relatives as guarantors. There is no significant difference between the borrower and the guarantor at the time of granting loans from banks and financial institutions. The only difference is that the EMI is deducted from the account of the borrower. If the person taking the loan does not repay the installment on time, then after a certain time the bank catches the guarantor.
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