Lalit Kumar Jain v. Union of India, 2021 SCC OnLine SC 396

The Supreme Court affirmed the provisions of the Insolvency and Bankruptcy Code related to personal guarantor’s insolvency, which was enacted in 2019. The petitioners provided bank and financial institutions with guarantees in their capacities as directors, promoters, chairman, and managing directors of the businesses and the guarantees have been invoked, and procedures against the companies with which they are connected are pending.

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