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2022 (4) TMI 372 - NATIONAL COMPANY LAW TRIBUNAL , KOCHI BENCHSeeking for impleading the legal heir of deceased Personal Guarantor - Rule 53 of the NCLT Rules, 2016 - HELD THAT:- Section 5(22) of the IBC, 2016 makes it clear that the Personal Guarantor is an individual who stood as a Guarantor to a Corporate Debtor and, therefore, on his demise the proceedings against the Personal Guarantor would abate. Besides that, the proceedings under IBC, 2016 is not in the nature of recovery and therefore it would be proper to close the proceedings on the death of the Personal Guarantor. It may also be mentioned that the case of proceedings under Section 95 of the IBC, 2016 for initiation of Insolvency Proceedings against the Personal Guarantor is not a case for recovery of any amount because that will go contrary to the scheme of IBC, 2016. In such a situation on the demise of the Personal Guarantor, an individual who has given the guarantee in favour of the Corporate Debtor, the question of continuing the proceedings against such a dead person through his legal heirs will not arise. Application dismissed.
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