Insolvency Process for Personal Guarantors Requires Ongoing CIRP or Liquidation Against Corporate Debtor.

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....Initiation of CIRP - Personal Guarantors to Corporate Debtors failed to make repayment of guarantee undertaken - existence of debt and dispute or not - an application for insolvency for resolution against the personal guarantor is not maintainable unless that CIRP/liquidation is ongoing against the Corporate Debtor. - Tri....