Tuesday, January 26, 2021
Want create site? Find Free WordPress Themes and plugins.

Supreme Court dismisses plea wanting public sector banks to invoke personal guarantees on behalf of defaulting Cos

Want create site? Find Free WordPress Themes and plugins.

New Delhi: The Supreme Court today dismissed a petition that asked permission to invoke the personal guarantees that defaulting borrowers, representing large companies had placed with Public Sector Banks. Invoking such guarantees would have meant attaching their private properties etc.

A bench of the top Supreme Court, headed by Justice Rohinton F Nariman said that as per the court’s previous order, representation to the Ministry of Finance was made by the petitioner and a reply was received. Therefore, nothing in the petition survives.

The petition claimed that a large sum of about Rs 1,900 crores is lost on a daily basis, merely because the public sector banks are failing to invoke personal bank guarantees furnished by big corporations.

It asked for directions to the Union government and the Reserve Bank of India to direct invoking of personal guarantees given by the promoters, directors, managerial personnel of large corporate houses which have defaulted in repaying loans advanced to them by such public sector banks (PSBs) amounting to approximately Rs 1,85,000 crores.

Read Also: Delhi HC lifts stay on publication of book on Asaram Bapu’s conviction

The plea also emphasized the initiation of proceedings against such promoters, directors, managerial personnel for the recovery of the said loans. 

–         India Legal Bureau

Did you find apk for android? You can find new Free Android Games and apps.

News Update

Republic Day 2021: Tricolour unfurled; India’s military might, cultural diversity on display at Rajpath

Thousands of armed personnel have been deployed at the Rajpath and several border points of Delhi in view of the celebrations and farmers' tractor rally.

Farmers’ tractor rally live updates: Protesters vandalise DTC buses at ITO, situation tense

Farmers protest is set to intensify today with the protesters entering Delhi today for tractor rally.

Supreme Court Collegium elevates Justice P.V. Sanjay Kumar as Manipur High Court Chief Justice

Law graduate from Delhi University, Justice P.V. Sanjay Kumar was enrolled as a member of Bar Council of Andhra Pradesh in August 1988, and he also served as Government pleader in the High Court of Andhra Pradesh from 2000-2003.

Allahabad High Court stays coercive action against 4 ITIs in Mathura

The Social Welfare Department took action against 4 ITIs by issuing show-cause notices which were challenged in a petition.

Allahabad HC refuses relief to Azam Khan’s varsity in Rampur

The Allahabad High Court has refused to grant relief to Mohammad Azam Khan's dream project Maulana Mohammad Ali Johar University, Rampur.
Did you find apk for android? You can find new Free Android Games and apps.