India, Dec. 4 -- A Tirupati-based small-scale industrialist filed the country's first personal insolvency petition before the National Company Law Tribunal at its Amaravati bench in Hyderabad on Monday when the Insolvency and Bankruptcy Code (IBC) for personal guarantors to corporate debtors came into force.

The petition was filed by 60-year-old O V Ramana, former member of Tirumala Tirupati Devasthanams (TTD), under Section 94 (1) of the IBC, 2016, to get out of a prolonged legal battle with the banks in the Debt Recovery Tribunal.

In his petition (copy of which is with HT), Ramana said he had stood personal guarantor for five firms - Nithin Grains and Mills Pvt Ltd, Nithin Proteins Pvt Ltd, Nithin Nutritions Pvt Ltd, Ramanasree Consum...