Financial creditor cannot initiate the insolvency resolution proceedings against the personal guarantor in the absence of any CIRP or liquidation process against the corporate debtor. The NCLT, Mumbai noted that Section 60(2) of the Code contains a non-obstante clause, which specifies that only where a CIRP or liquidation process of a corporate debtor is pending before the adjudicating authority, an application initiating the insolvency resolution process against the personal guarantor of such corporate debtor shall be filed before such adjudicating authority.

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