No more leeway for personal guarantors post SC verdict
By IANS |
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SC says remarks against top court growing and everybody joining (Photo Courtesy: Twitter). Image Source: IANS News
New Delhi, May 21 : With the Supreme Court on Friday upholding the Centre s notification of November 15, 2019, allowing financial institutions to proceed against individual personal corporate guarantors for recovery of loans of a company under Insolvency and Bankruptcy Code (IBC) proceedings, legal experts say this verdict will go a long way in terms of recovery of dues by the creditors.
DHFL s former promoter Kapil Wadhawan and Bhushan Power & Steel s former owner Sanjay Singal may be among the affected people post the verdict.
Supreme Court Calls For Law To Clarify Validity Of Ipso Facto Contractual Clauses In Relation To Insolvency
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The Supreme Court has observed that lack of a legislative voice on the issue of validity/invalidity of ipso facto clauses relating to insolvency will lead to confusion and reduced commercial clarity.
The bench comprising
Gujarat Urja Vikas Nigam Limited of its Power Purchase Agreement with
Astonfield Solar (Gujarat) Private Limited.
In this case, PPA was signed on 30 April 2010, in accordance with which the Nigam has to purchase all the power generated by the Corporate Debtor. On 20 November 2018, the NCLT admitted a petition filed by the Corporate Debtor under Section 10 of the IBC and commenced the Corporate Insolvency Resolution Process. In May 2019, the Nigam issued termination notices in which it stated thus : Under Article 9.2.1(e) of the PPA, the Corporate Debtor undergoing CIRP under the IBC amounts to an event of default (b) under Article
NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor s Insolvency: Supreme Court livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.
Vice President Venkaiah Naidu urges India Inc to support, protect whistleblowers
January 18, 2021
Naidu said transparency, integrity and honesty must be upheld and reflected in every business activity
Vice-President M Venkaiah Naidu has urged all Corporates (India Inc) to encourage whistle-blowing mechanism and provide adequate safeguards for the protection of whistleblowers.
Delivering his address at the Institute of Company Secretaries of India here on Monday, the Naidu said it was important to ensure transparency and accountability in all matters of corporate governance to enhance the confidence of all the stakeholders, including the shareholders.
Conveying his appreciation to the Institute of Company Secretaries of India (ICSI) for its commitment and completing 52 years as a pioneer institution, Naidu stressed the need to protect public money. “This profession should be taken as a mission,” he said.
Significant Judgments Of Madras High Court In 2020 livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.