#personal guarantor

5th April National Company Law Appellate Tribunal has held that ‘Moratorium’ under Section 14 of the Insolvency and Bankruptcy Code will not only be applicable to the property of the ‘Corporate Debtor’ but also on its ‘Personal Guarantor’. Brief Facts: Mr. V. Ramakrishnan (“1st Respondent”), Director of M/s Veesons Energy Systems Pvt. Ltd. (“2nd Respondent/Corporate Debtor”) furnished a personal guarantee of his assets to State Bank of India (“Appellant/Financial Creditor”). Thus, as per definition of “Personal Guarantor” under the Insolvency & Bankruptcy Code (“Code”), Mr. V. Ramakrishnan was the Personal Guarantor for the Corporate Debtor.