SC stays NCLAT order allowing lenders to go after personal guarantors

The Supreme Court has stayed the NCLAT order that allowed lenders to initiate insolvency proceedings against personal guarantors of a corporate debtor even when no insolvency proceeding is pending against the corporate debtor before the NCLT . The NCLAT had said there is no bar on IBC proceedings against a personal guarantor if no process is on against the corporate debtor.