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TMI Blog2022 (4) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... r and, therefore, on his demise the proceedings against the Personal Guarantor would abate. Besides that, the proceedings under IBC, 2016 is not in the nature of recovery and therefore it would be proper to close the proceedings on the death of the Personal Guarantor. It may also be mentioned that the case of proceedings under Section 95 of the IBC, 2016 for initiation of Insolvency Proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T Rules, 2016 for impleading the legal heir of Smt. Susan Zachariah. 2. The brief facts of the case are that the Respondent herein is the legal heir of deceased Personal Guarantor Smt. Susan Zachariah in CP(IBC)/14(KOB)/2021 which was filed before this Tribunal for initiation of Insolvency Resolution Process against the Personal Guarantor. 3. It is stated that the Demand Notice in Form B add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of a company, being wound up, the proceeding shall not abate and may be continued by or against the executor, administrator or other legal representative of the parties or by or against the assignee, receiver or liquidator, as the case may be. (2) In the case of death of a party during the pendency of the proceedings before the Tribunal, the legal representative of the deceased p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Guarantor is an individual who stood as a Guarantor to a Corporate Debtor and, therefore, on his demise the proceedings against the Personal Guarantor would abate. Besides that, the proceedings under IBC, 2016 is not in the nature of recovery and therefore it would be proper to close the proceedings on the death of the Personal Guarantor. 6. It may also be mentioned that the case of procee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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