Supreme Court dismisses plea seeking direction for the Public Sector Banks to invoke personal guarantees of the defaulters

On July 21, the apex court had asked the finance ministry to furnish a reply onto why state-owned banks have not invoked personal guarantees of big corporate loan defaulters.

By Anu Jain On September 22, 2020 12:01 IST

Supreme Court has dismissed a petition seeking direction for the public sector banks to invoke personal guarantees of the defaulters.

On July 21. the apex court had asked the finance ministry to furnish a reply onto why state-owned banks have not invoked personal guarantees of big corporate loan defaulters.

The petitioners had claimed that public sector undertakings are not complying with the current circular. Then SC asked them to make a representation to the ministry on the matter within two weeks and it had also ordered the ministry to respond within four weeks of receiving the representation.

More details awaited.

Nation Supreme Court

Anu Jain

Anu Jain is a journalism graduate, currently working as Sub-Editor for the Business segment at Businessupturn.com. With an experience with Times Network, she has curated content for the English News Channel Mirror Now's social media handles as well as she has worked as a Social Media Manager for various corporate companies. Her keen interest belongs in political and business beat. She is available on [email protected]