The Supreme Court is likely to hear 19 petitions challenging the constitutional validity of provisions relating to insolvency of personal guarantors under the IBC on Thursday.
In the last hearing on October 29, the top court had transferred to itself all the petitions pending before various High Courts, challenging the said IBC provisions. The SC had said that no further writ petitions on the issue were to be entertained by any High Court.
Among the personal guarantees which have been invoked by the banks are Anil Ambani, chairman of ADA group for Rs 1,200 crore. Other promoters facing invocation of personal guarantee include Sanjay Singhal of Bhushan Power and Steel, Atul Punj, founder, Punj Llyod.
The ministry of corporate affa…
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