There is a debate on the framework governing insolvency of individuals and personal guarantors
| Photo Credit:
lakshmiprasad S
National Company Law Tribunal benches are not enlarged lightly, but because the institution itself recognises that the questions before it deserve an answer that will outlive the immediate dispute. The proceedings concerning Subhash Chandra have travelled from a split Bench to a third member and now to a five-member Bench, which has stayed the implementation of the repayment plan.
The immediate dispute concerns the repayment plan of a personal guarantor (PG). The larger debate concerns the interpretation of Part III of the Insolvency and…