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of <h1>Supreme Court Examines Corporate Guarantor's Role as 'Corporate Debtor' Under IBC for Individual Borrower's Loan.</h1> The Supreme Court case addressed whether a corporate guarantor can be considered a 'Corporate Debtor' under the Insolvency and Bankruptcy Code (IBC) when the principal borrower is an individual or sole proprietorship. The case involved a loan given to a proprietary firm, with a corporate entity providing a guarantee. When the loan became a Non-Performing Asset, the financial creditor initiated recovery proceedings. The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) ruled that a corporate guarantor is liable under CIRP, and limitation periods can be extended by acknowledgment of liability. The matter was allowed to proceed on merits.
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