In this case, NCLAT clarified various provision of the IBC on personal guarantors such as stage for examining merits of the Application, stage for considering default, replacement of Resolution Professional appointed under Section 97 etc. and held that before the stage of appointment of the Resolution Professional, the Code or Rules and Regulations do not provide for any hearing as such to be given to the Debtor. Once application under Section 95 is “filed” the next step for Adjudicating Authority is to appoint the Resolution Professional. Further, it held that considering the judgment of the Hon’ble Supreme Court in the matter of ‘Swiss Ribbons [2019] ibclaw.in 03 SC’ it appears to us that keeping principles of natural justice in view, limited notice of the application should be given to the Personal Guarantors of the Corporate Debtors. The limited notice has to be only to secure presence of the Personal Guarantor referring to the Interim Moratorium which has commenced.