SC upholds move on Insolvency Code; Marathe says “Thank You SC”
Trouble for likes of Anil Ambani and Venugopal Dhoot increase
Senior co-operator Satish Marathe has hailed the judgement of the Supreme Court, in which it allowed the banks and financial institutions to initiate insolvency proceedings against personal guarantors, usually promoters and the top brass of debt-laden companies.
Reacting to the news, RBI Board member and senior Sahakar Bharati leader Satish Marathe said the judgment would go a long way in helping banks in resolving the issue of bad debts.
Writing on his FB wall Marathe said “Thank you Supreme Court”. He said the judgement will have far-reaching consequences not only on the banks but also on the health of the overall Indian economy.
India Business News: Banks can look forward to improved recovery prospects from promoters of defaulting companies who have provided personal guarantees for corporate loans
The Supreme Court has paved the way for banks and financial institutions to initiate recovery proceeding against individuals, who have guaranteed corporate loans by upholding the government notification of 15 November 2019.
Centre Can t Use Power To Notify IBC Sections Only As Regards Personal Guarantors, Salve Argues For Anil Ambani In SC
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The Supreme Court on Thursday heard the arguments of Senior Advocate Harish Salve on behalf of Reliance Communications head Anil Ambani on a plea challenging the Central Government notification extending provisions of the insolvency law to personal guarantors. You cannot specify the subject matter as regards which the section comes into force, you can only specify the section , Salve.
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Before you go .
Anil Ambani is a fitness enthusiast and also a seasoned long-distance marathon runner, with over 50 half and full marathons to his credit.
His other interests include nature, wildlife conservation and spiritualism.
Last Updated: 15/02/2021
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