News & Media 16th Aug 2024
Bankruptcy cases against personal guarantors of businesses continue to pile up. Lenders moved against 156 of them in the quarter ended June to recover over ₹10,563 crore, while 31 personal guarantors accounting for ₹1,433 crore in defaults by companies approached bankruptcy tribunals on their own for debt resolution, according to data available with Insolvency and Bankruptcy Board of India (IBBI).
Lenders in all seek to recover more than ₹2 trillion from personal guarantors since December 2019, when they were brought under the Insolvency and Bankruptcy Code.
Gireesh Chandra Prasad from Livemint writes on, “Personal guarantors face bankruptcy action over ₹11,990 crore in June quarter” with expert comments from Mukesh Chand
Read his detailed insights here
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