https://www.taxtmi.com/caselaws?id=286196 SARFAESI and recovery proceedings can be maintained only where the person proceeded against has a legally cognisable financial liability, such as that of a borrower, guarantor, assignee, agent, or a legal successor to the guarantor's estate. Where the notice does not invoke the guarantee against the person concerned, and the materials show that only the deceased guarantor's legal representatives were proceeded against while the petitioner neither inherited property nor succeeded to the liability, no enforceable nexus exists. In that situation, the Tribunal lacks jurisdiction against such person and the proceedings are liable to be quashed. en-us Fri, 05 Apr 2019 00:00:00 +0530 Sun, 16 Feb 2020 08:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286196 SARFAESI and recovery proceedings can be maintained only where the person proceeded against has a legally cognisable financial liability, such as that of a borrower, guarantor, assignee, agent, or a legal successor to the guarantor's estate. Where the notice does not invoke the guarantee against the person concerned, and the materials show that only the deceased guarantor's legal representatives were proceeded against while the petitioner neither inherited property nor succeeded to the liability, no enforceable nexus exists. In that situation, the Tribunal lacks jurisdiction against such person and the proceedings are liable to be quashed. Case-Laws Insolvency and Bankruptcy Fri, 05 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286196