TMI Blog2022 (2) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... guarantee to the Corporate 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... angi, Member (T) For the Appellant : 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 Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The proof of death is supported by death certificate 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 Person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this case is an individual, who stood guarantee to the Corporate 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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