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If the IRP of the personal guarantor was completed and bankruptcy proceedings had been initiated before the DRT, no useful purpose would be served by transferring the proceedings to the NCLT, the Court held.

High courtMadras high courtInsolvency resolution processNclt not sole authority for personal guarantorDebt recovery tribunalInsolvency and bankruptcy proceedingsInsolvency and bankruptcy codeTransfer of bankruptcy proceedings to ncltKeb hana bankCorporate debtorPersonal guarantorsActing chief justicet rajaJusticed bharatha chakravarthyMadras hc newsSection 60 1 ibcSection 60 3 ibc