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While Section 241 provides a remedy against oppression and mismanagement in the affairs of the company, Section 59 focuses on rectifying the register of members and correcting shareholding records.

An important aspect here is that, the liability of a personal guarantor is not necessarily limited to the principal debt amount alone. It may also extend to interest payable on the principal debt amount, if otherwise provided in the contract of guarantee. Though, there’s a common assumption among the personal guarantors that the initiation of CIRP automatically extends them the benefit of moratorium. However, IBC provides this legal space to corporate debtors only, personal g