Insolvency and Bankruptcy Code, 2016 (the, Code) is a crucial legislation passed by the Parliament which has the potential to be a game changer in the insolvency and bankruptcy regime in India. Since the Code is in its nascent stage, it is of paramount importance that interpretational issues are settled at the earliest in order to facilitate smooth functioning of resolution and liquidation proceedings.
In absence of requisite notifications and clarifications, the responsibility rests with the higher judiciary to bring clarity on various unsettled issues pertaining to the Code. In this regard, Sanjeev Shriya v. State Bank of India & others (1) before the Allahabad High Court was a fit case to settle the issue regarding initiation of insolv…
Read the full article at: http://www.livelaw.in/insolvency-proceedings-personal-guarantors-insolvency-and-bankruptcy-code-missed-opportunity-allahabad-high-court/