Saurabh Jain & Anr. filed a Writ Petition (Civil) No. 976/2020 against the Union of India & Ors. The court had previously ordered a representation to the Ministry of Finance regarding the initiation of insolvency resolution process against personal guarantors. The Department of Financial Services issued an advisory to PSBs for formalizing policy and standard operating procedure regarding the initiation of insolvency resolution process against personal guarantors. The advisory also addressed staff accountability in cases of non-performing assets. The court found that the representation had been answered and dismissed the petition.

Saurabh Jain & Anr. filed a Writ Petition (Civil) No. 976/2020 against the Union of India & Ors. The court had previously ordered a representation to the Ministry of Finance regarding the initiation of insolvency resolution process against personal guarantors. The Department of Financial Services issued an advisory to PSBs for formalizing policy and standard operating procedure regarding the initiation of insolvency resolution process against personal guarantors. The advisory also addressed staff accountability in cases of non-performing assets. The court found that the representation had been answered and dismissed the petition.