https://www.taxtmi.com/caselaws?id=420706 Proceedings under the Insolvency and Bankruptcy Code against a personal guarantor do not continue against legal heirs after the guarantor's death. Although Rule 53 of the NCLT Rules, 2016 permits substitution of legal representatives in pending matters, the Tribunal treated a section 95 application as a personal insolvency proceeding against an individual surety, not a recovery action. On that basis, it held that impleading the deceased guarantor's heir was not maintainable and rejected the request to continue the proceeding against the estate. en-us Thu, 17 Mar 2022 00:00:00 +0530 Fri, 08 Apr 2022 08:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420706 Proceedings under the Insolvency and Bankruptcy Code against a personal guarantor do not continue against legal heirs after the guarantor's death. Although Rule 53 of the NCLT Rules, 2016 permits substitution of legal representatives in pending matters, the Tribunal treated a section 95 application as a personal insolvency proceeding against an individual surety, not a recovery action. On that basis, it held that impleading the deceased guarantor's heir was not maintainable and rejected the request to continue the proceeding against the estate. Case-Laws Insolvency and Bankruptcy Thu, 17 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420706