https://www.taxtmi.com/caselaws?id=418163 The Tribunal accepted the Resolution Professional's recommendation to close the proceedings against the deceased Personal Guarantor under Section 95 of the IBC, 2016, due to his demise. The Tribunal agreed that continuing the proceedings after the guarantor's death would be contrary to the purpose of initiating the Insolvency Resolution Process against the Personal Guarantor. The Financial Creditor's counsel also agreed to the closure of the proceedings, leading to the rejection of the application and the subsequent closure of the case. en-us Tue, 25 Jan 2022 00:00:00 +0530 Thu, 10 Feb 2022 08:54:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418163 The Tribunal accepted the Resolution Professional's recommendation to close the proceedings against the deceased Personal Guarantor under Section 95 of the IBC, 2016, due to his demise. The Tribunal agreed that continuing the proceedings after the guarantor's death would be contrary to the purpose of initiating the Insolvency Resolution Process against the Personal Guarantor. The Financial Creditor's counsel also agreed to the closure of the proceedings, leading to the rejection of the application and the subsequent closure of the case. Case-Laws Insolvency and Bankruptcy Tue, 25 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418163