'Why Personal Guarantees Of Promoters Of Corporates Defaulting Loan Repayments Are Not Invoked By PS Banks?' SC Asks Finance Ministry To Respond [Read Order]

The Supreme Court on Monday disposed of a PIL seeking a direction upon the Public Sector Banks (PSBs) to invoke personal guarantees given by promoters/ directors/ managerial personnel of large corporate houses and initiate proceedings against such persons for their companies' failure to repay the loans. The bench comprised of Justices RF Nariman and Navin Sinha has granted liberty to...