New Delhi: Armed with Supreme Court order, banks may invoke personal guarantees of tycoons ranging from Venugopal Dhoot to Kapil Wadhawan to recover unpaid loans from their delinquent firms, sources said Monday. According to an estimate, the top 10 personal guarantors have guaranteed debt of over Rs 1.6 lakh crore. Among the big names, former promoters of Bhushan Steel and Power Sanjay Singhal and his wife Aarti Singhal had furnished personal guarantees worth up to Rs 24,550 crore to take loans from a consortium of bank-led by State Bank of India (SBI). The former promoter of Reliance Communications , Anil Ambani , has also given a personal guarantee against the loan taken. Erstwhile promoter Wadhawan stands guarantee to loans taken by DHFL, which is sitting on a debt of about Rs 90,000 crore, while Dhoot has also given a personal guarantee to a portion of Rs 22,000 crore loan to Videocon. The Supreme Court in May had held that the November 15, 2019 government notification allowing creditors, usually financial institutions and banks, to move against personal guarantors under the Insolvency and Bankruptcy Code (IBC) was ‘legal and valid’. Post the judgement, a senior official of a public sector bank said… Read full this story
- Wadhawan, Dhoot may lose assets as banks move to invoke personal guarantees
- Rishi Sunak told David Cameron he had 'pushed the team' to explore helping Greensill
- Five years since liquor King Vijay Mallya flew to UK: Four mistakes banks made in the Kingfisher case
- Is Guaranteed Life Insurance Worth It?
- Insight - Banks on digitalisation push
- 'Every journalist entitled to protection': SC quashes FIR against Vinod Dua for sedition
- 'Criticism is not sedition': SC quotes 1962 ruling
- The best holiday parks in Norfolk from £12.50 per person a night
- DHFL lenders may move NCLT against guarantors
- Guarantor beware: On loans to corporate borrowers
SC verdict: Banks explore the option of invoking personal guarantee of promoters have 288 words, post on bfsi.economictimes.indiatimes.com at July 13, 2021. This is cached page on X-Buy. If you want remove this page, please contact us.