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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 ..... llant : K. N. Sivasankaran , A. Sunil Shankar and Unnikrishnan S. ORDER Ashok Kumar Borah, Member (J) 1. This IA(IBC)/36(KOB)/2022 has been filed by M/s. J.M. Financial Asset Reconstruction Company Limited under Rule 53 of the NCLT 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 Perso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of impleading, it is profitable to quote Rule 53 of the NCLT Rules, 2016 as under: 53. SUBSTITUTION OF LEGAL REPRESENTATIVES- (1) Where a party to a proceeding pending before a Bench dies or is adjudged insolvent or, 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 part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 is relevant, which reads thus: "Personal guarantor" means an individual who is the surety in a contract of guarantee to a Corporate Debtor; A reading of the above Section makes it clear that the Personal 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 proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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