New Delhi, June 23 -- The noose is tightening around personal guarantors under India's bankruptcy regime.

Recent tribunal rulings and new disclosure requirements signal that promoters and directors who back corporate loans with their personal guarantees may find it difficult to avoid liability when a company defaults.

On 18 June, the Kolkata bench of the National Company Law Tribunal, while admitting Indian Bank's insolvency plea against Santosh Jhawar, personal guarantor to Burgundy Life Style Pvt Ltd, held that insolvency proceedings against a personal guarantor are maintainable even if no such proceedings have been initiated against the principal borrower.

On 9 June, the Chennai bench of the NCLT, while hearing Aditya Birla Finance'...