Back to Judgments
Verified
Supreme Court of India2021(2021) 9 SCC 321Civillandmark
Lalit Kumar Jain v. Union of India (IBC)
Lalit Kumar JainvsUnion of India
3-Judge Bench
Civil Law
IBCInsolvencyPersonal GuarantorNCLTCorporate DebtLalit Jain
Core Ruling / Ratio Decidendi
Personal guarantors of corporate debtors are subject to IBC provisions. NCLT has jurisdiction to admit insolvency applications against personal guarantors simultaneously with corporate insolvency. A guarantor cannot escape liability by claiming separate legal identity from the corporate debtor.
Judgment Summary
English
Held under Insolvency and Bankruptcy Code that personal guarantors of corporate debtors are also covered under IBC. NCLT has jurisdiction over personal guarantors too. A personal guarantor cannot escape IBC proceedings by claiming he is not a corporate debtor.
हिंदी (Hindi)
दिवालियापन और दिवाला संहिता के तहत माना गया कि कॉर्पोरेट देनदारों के व्यक्तिगत गारंटर IBC के अंतर्गत आते हैं। NCLT के व्यक्तिगत गारंटर पर भी क्षेत्राधिकार।