Personal Guarantors under the Insolvency and Bankruptcy Code, 2016
-Abhinav Shrivastava And Nirmal Prasad**
The Supreme Court of India in Lalit Kumar Jain vs. Union of India & Ors.[1] has dismissed a challenge to a notification dated 15.11.2019 issued by the Ministry of Corporate Affairs,[2] which brought into force the following provisions of the Insolvency and Bankruptcy Code (hereinafter referred to as the ‘Code’), 2016:
- Clause (e) of Section 2
- Section 78 (except with regard to fresh start process) and Section 79
- Sections 94 to 187 (both inclusive)
- Clause (g) to clause (i) of sub-section (2) of Section 239
- Clause (m) to clause (zc) of sub-section (2) of Section 239
- Clause (zn) to clause (zs) of sub-section (2) of Section 240
- Section 249.
Read further on:
[1] Transferred Case No. 245 of 2020.
[2] S.O. 4126(E) dated 15th November, 2019.
