SC Affirms IBC as Comprehensive Framework and Sets Aside HC Order

Bank of Baroda Vs Farooq Ali Khan & Ors. (Supreme Court of India) Supreme Court, in Bank of Baroda vs. Farooq Ali Khan & Ors., addressed the issue of whether the Karnataka High Court correctly exercised its writ jurisdiction under Article 226 to halt personal insolvency proceedings initiated under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The case arose after the Bank of Baroda initiated proceedings against Farooq Ali Khan, a personal guarantor for loans taken by Associate Décor Limited. The High Court held that the liability as a guarantor had been waived, thereby...