July 2020
SC to Govt: Why don't banks invoke personal guarantee to recover money?

August 2020
DFS to PSBs: Why don't you invoke personal guarantees to recover money?

Banks promptly make a list of defaulting cos, send notices to promoters against their personal guarantee (1/n) https://twitter.com/CNBCTV18Live/status/1321702156563460097

...A bunch of petitions challenging the IBC provisions relating to insolvency of personal guarantors pop up in courts across the country.
Promoters like Anil Ambani challenge parallel insolvency proceedings, take banks like SBI to court over it. (2/n)

...Delhi HC, for instance, stayed insolvency proceedings against Anil Ambani in his capacity as a guarantor, stay was then declined to be vacated by Supreme Court (true story).

So now IBBI goes to SC, asks to transfer all such petitions to the top court. (3/n)

Supreme Court agrees to transfer to itself all pleas of promoters against banks for invoking personal guarantees

SC (where all this started) now directs for interim orders staying IBC proceedings against promoter guarantors to continue

Next hearing on Dec 2

Full circle. (4/4)