Personal Guarantor Under IBC: Understanding the Implications
A personal guarantee is a commitment by an individual, typically a promoter or director of a company, to repay the debts of a corporate borrower in case of default. This ensures that lenders have an additional layer of security, instilling confidence in the borrowing entity's creditworthiness. While it offers an avenue for businesses to access funding, personal guarantees expose individuals to potential financial risks in the event of corporate default.
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