Bad loans and personal guarantees
May 30, 2021
The Insolvency & Bankruptcy Code marks one of the most significant changes made to commercial laws - Nuthawut Somsuk
The Insolvency & Bankruptcy Code marks one of the most significant changes made to commercial laws - Nuthawut Somsuk×
The SC verdict has brought relief to creditors waging long battles against bad loans
On May 21, 2021, the Supreme Court dismissed pleas on 75 petitions challenging the notification including that on Anil Ambani, Sanjay Singhal, Venugopal Dhoot, Kapil Wadhawan and 45 other industrialists. (The Supreme Court had declared the notification issued by the Union government under Insolvency and Bankruptcy Code, on November 15, 2019 as legal and valid).
ANI | Updated: May 24, 2021 15:18 IST
New Delhi [India], May 24 (ANI): Adjourning the hearing of a PIL to June 11, the Supreme Court on Monday said this is a policy decision of the Central government as to what kind of measures it had taken and should take on helping people as they are facing many financial hardships due to COVID-19 crisis.
The lawyer, Vishal Tiwari had moved the Apex Court and filed a PIL seeking direction to the Central government to take effective and remedial measures to redress and overcome the financial stress and hardship faced by the borrowers of the country during the second wave of COVID-19 and lockdown.
SC: Centre takes policy decisions regarding relief to people on repayment of loan
By IANS |
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Supreme Court of India. (File Photo: IANS). Image Source: IANS News
New Delhi, May 24 : The Supreme Court on Monday said the Union government takes policy decision in connection with the nature of measures, to help people facing financial woes due to the ongoing Covid-19 pandemic. Advocate Vishal Tiwari filed a petition seeking some relief to borrowers during the second wave of Covid-19 pandemic and lockdown. A bench of Justices Ashok Bhushan and M R Shah asked Tiwari to send a representation to the Union government. The bench said, At the maximum, what we can do is that we can allow him (the petitioner) to give his representation to the central government.
Supreme Court (File photo)
SC to hear PIL seeking direction to Centre for measures to overcome financial stress faced by borrowers ANI | Updated: May 22, 2021 00:26 IST
New Delhi [India], May 22 (ANI): The Supreme Court on Friday agreed to hear the Public Interest Litigation (PIL) seeking a direction to the Centre to take measures to overcome the financial stress faced by borrowers of the country during the second wave of COVID19 and lockdown on May 24.
A two-judge vacation bench of the Apex Court, headed by Justice Ashok Bhushan and also comprising Justice M R Shah will hear on May 24 the PIL filed by lawyer Vishal Tiwari.
Plea in SC seeks relief to loan borrowers hit by lockdowns ANI | Updated: May 11, 2021 20:51 IST
New Delhi [India], May 11 (ANI): A Public Interest Litigation (PIL) has been filed before the Supreme Court on Tuesday seeking a direction to the Union of India (UOI) to take effective and remedial measures to address the financial stress and hardships being faced by the loan borrowers of the country during COVID-induced lockdowns.
The plea was filed in the Apex court by lawyer Vishal Tiwari.
The petition sought direction to the UOI to permit all the lending (financial) institutions to grant interest free moratorium period for term loan and defer the payment of loan installments for a period of six months or till the COVID-19 normalises.