2022 (4) TMI 372

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....mar B., Member (T) For the Appellant : K. N. Sivasankaran , A. Sunil Shankar and Unnikrishnan S. ORDER Ashok Kumar Borah, Member (J) 1. This IA(IBC)/36(KOB)/2022 has been filed by M/s. J.M. Financial Asset Reconstruction Company Limited under Rule 53 of the NCLT Rules, 2016 for impleading the legal heir of Smt. Susan Zachariah. 2. The brief facts of the case are that the Respondent ....

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....uments produced. In order to consider the issue of impleading, it is profitable to quote Rule 53 of the NCLT Rules, 2016 as under: 53. SUBSTITUTION OF LEGAL REPRESENTATIVES- (1) Where a party to a proceeding pending before a Bench dies or is adjudged insolvent or, in the case of a company, being wound up, the proceeding shall not abate and may be continued by or against the execu....

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....onal Guarantor can be impleaded? In this regard Section 5(22) of the IBC, 2016 is relevant, which reads thus: "Personal guarantor" means an individual who is the surety in a contract of guarantee to a Corporate Debtor; A reading of the above Section makes it clear that the Personal Guarantor is an individual who stood as a Guarantor to a Corporate Debtor and, therefore, on his demis....