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Delhi HC seeks Centre's response on plea by BPSL ex-chief against IBC proceedings
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SME Times News Bureau | 23 Sep, 2020
The Delhi High Court has sought a response from the Centre and others on
a petition filed by ex-Chairman of Bhushan Power and Steel Ltd. (BPSL)
Sanjay Singal challenging the provisions of personal insolvency
proceedings against personal guarantors under the Insolvency &
Bankruptcy Code, 2016.
A division bench of the high court
presided by Chief Justice D.N. Patel and Justice Prateek Jalan issued
notice to the Modi government, Insolvency and Bankruptcy Board of India
and the State Bank of India on Singal's plea which has sought the
striking down of Sections 95, 96, 97, 99, 100 and 101 of the IBC,
insofar as they apply to personal guarantors of corporate debtors, and
the consequent rules.
The bench, however, refused to pass any order of stay in respect to the SBI's notice to Singal under the impugned provisions.
Notwithstanding
the pendency of the corporate insolvency resolution process of Bhushan
Power and Steel, the SBI had initiated recovery proceedings before the
Debt Recovery Tribunal against Singal in relation to several guarantees.
In
the meantime, the Central government notified the provisions on
personal insolvency against personal guarantors to corporate debtors and
a notice was issued by the SBI to Singal under them.
After hearing the parties, the court listed the matter for further hearing on October 6.
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