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of <h1>Rule 53: Substitution of Legal Representatives in Proceedings Upon Death or Insolvency of a Party Explained.</h1> Rule 53 of the National Company Law Tribunal Rules, 2016, addresses the substitution of legal representatives in proceedings when a party dies, is adjudged insolvent, or, in the case of a company, is being wound up. The proceedings can continue with the executor, administrator, legal representative, assignee, receiver, or liquidator. If a party dies, their legal representative has ninety days to apply for substitution. If no application is made within this period, the proceedings abate. However, the Tribunal may allow substitution at any time before final disposition for good reasons.
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