The Supreme Court of India has recently ruled on the applicability of the Insolvency and Bankruptcy Code (IBC) to personal guarantors. Background: The case originated from a petition filed by a personal guarantor, who challenged the initiation of insolvency proceedings against him under the IBC. Parties: The petitioner argued that the IBC was not applicable to personal guarantors, while the respondent contended that the Code was intended to be a comprehensive framework for resolving insolvency and bankruptcy issues. Legal issues: The court examined the scope of the IBC, focusing on the definition of 'corporate person' and the intent of the legislature. Court observations: The Supreme Court observed that the IBC is applicable to personal guarantors, as the definition of 'corporate person' includes individuals who have provided guarantees in respect of corporate debt. Significance: This judgment has significant implications for the insolvency and bankruptcy regime in India, as it clarifies the scope of the IBC and its applicability to personal guarantors.