Case Law Details
Case Name : Lalit Kumar Jain Vs Union of India (Supreme Court of India)
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Courts :
Supreme Court of India
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Lalit Kumar Jain Vs Union of India (Supreme Court)
1. Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process.
2. A bench of Justices L Nageswara Rao and Ravindra Bhat delivered the judgement. The ruling would allow banks to file personal bankruptcies against guarantors, even when the insolvency of firms is yet to be resolve
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