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Context: The Supreme Court upheld a government move to allow lenders initiate insolvency proceedings against personal guarantors.
Key Points
What is personal guarantee?
Note: It is different from the collateral that firms give to banks to take loans, as Indian corporate laws say that individuals such as promoters are different from businesses and the two are very separate entities. A personal guarantee, therefore, is an assurance from the promoters or promoter group that if the lender allows them the fund, they will be able to turn around the loss-making unit and repay the said loan on time.
Insolvency and Bankruptcy Code, 2016
Key Features Insolvency Resolution
The Insolvency and Bankruptcy Code (Amendment) Act, 2019
Insolvency regulator
Insolvency professionals
Bankruptcy and Insolvency Adjudicator
The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies:
By: Shubham Tiwari ProfileResourcesReport error
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