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The Lawyer's Digest: Supreme Court Judgments passed in May 2021

The Lawyer's Digest: Supreme Court Judgments passed in May 2021
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New Delhi , Uttar Pradesh , State Of Orissa , Tamil Nadu , State Of Uttar Pradesh , Madhya Pradesh , State Of Karnataka , Himachal Pradesh , State Of Rajasthan , State Of Haryana , Lalit Kumar Jain , Mangala Waman Karandikar , Jaishri Laxmanrao Patil , Pranay Sethi , Nathu Singh , Sarla Verma , Injayamma Anr , Dutt Pathak , Surinder Kumar , Gurmeet Singh , Satbir Singh , Rajkumar Sabu , Gangadhar Behera , Indra Sawhney , Achhar Singh , Himachal Pradeshand ,

family trusts: How amendments in IBC could put Family Trusts in the dock

Synopsis
It is for the creditors to prove that transfer to the trust fund has been done with mala fide intentions. Such transactions are termed as PUFE (Preferential, Undervalued, Fraudulent and Extortionate) transactions. At this juncture it is pertinent to note that the Code provides a look-back period only for PUE transactions and not for fraudulent transactions. For this, we will need to refer to S17 of the Limitation Act.
ThinkStock Photos
The recent Supreme Court ruling, confirming the amendment to Insolvency Bankruptcy Code allowing creditors to proceed against personal guarantors of defaulting companies to recover debt has not only opened up a new dimension in the corporate insolvency resolution, but also caused a furor among the promoter families. ....

Lalit Kumar Jain , Supreme Court , Parag Gupta Associates , Court Or Tribunal , Union Of India , Bk Educational Servicesp Ltd , Insolvency Bankruptcy Code , Bankruptcy Rules , Indian Government , Bankruptcy Code , Personal Guarantors , Asset Protection , Asset Protection Trusts , Limitations Act , Limitation Act , லாலிட் குமார் ஜெயின் , உச்ச நீதிமன்றம் , பராக் குப்தா கூட்டாளிகள் , நீதிமன்றம் அல்லது தீர்ப்பாயம் , தொழிற்சங்கம் ஆஃப் இந்தியா , நொடித்துப்போனது திவால்நிலை குறியீடு , திவால்நிலை விதிகள் , இந்தியன் அரசு , திவால்நிலை குறியீடு , சொத்து ப்ரொடெக்ஶந் , சொத்து ப்ரொடெக்ஶந் அறக்கட்டளைகள் ,

Top Court Upholds Centre's Notification Permitting Banks To Proceed Against Personal Guarantors Under IBC

Petitioners had challenged the November 15, 2019 notification issued under the IBC
In a significant verdict spelling troubles for personal guarantors to corporate debtors, the Supreme Court Friday upheld the validity of the Centre s notification allowing banks to proceed against such persons for recovery of loans given to a firm under the Insolvency and Bankruptcy Code (IBC). A bench comprising justices L Nageswara Rao and S Ravindra Bhat held that approval of the resolution plan for revival of sick companies under the IBC does not discharge personal guarantors of their liability to pay back the banks or financial institutions (FIs) as they are bound by separate contracts. ....

Lalit Kumar Jain , L Nageswara Rao , Top Court Upholds Centre Order , Top Court Upholds Centre , Bankruptcy Code , Central Government , லாலிட் குமார் ஜெயின் , ல் நாகேஸ்வர ராவ் , திவால்நிலை குறியீடு , மைய அரசு ,