2022 (2) TMI 414

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....ant : Nakul Mohta and Devansh Srivastava, Advs For the Respondents : Palash Singhai, Adv. and Saran Mohan Garg, RP ORDER IA-376/2022 1. Mr. Palash Singhai, Ld. Counsel for the Resolution Professional, along with Mr. Saran Mohan Garg, RP are present. 2. Mr. Nakul Mohta, Ld. Counsel for the Financial Creditor is also present. 3. The Financial Creditor, through Resolution Professional, earlier ....

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.... at page no. 6 of the Section 99 report, issued by the Competent Authority in the State of California, County of Santa Clara and therefore, the RP has recommended the rejection of the application on the ground that the proceedings against the Personal Guarantor has to be closed as the proceedings will abate, consequent to the death of the Personal Guarantor. In this regard, he refers to definition....

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....rate Debtor and proceedings against him will have to be closed since on the death of the Persona Guarantor, proceedings will abate. It has been rightly pointed out that in a case of proceedings under Section 95 of the IBC, 2016, it is case for initiating Insolvency Resolution Process against the Personal Guarantor and it is not a case for recovery of any amount because that will go contrary to the....