Mr. Justice Ramalingam Sudhakar

On demise of the Personal Guarantor, the question of continuing the proceedings against such a dead person will not arise and since the proceedings abate, the Section 95 application also has to be closed – Alchemist Asset Reconstructions Company Vs. Mr. Deepak Puri – NCLT Principal Bench

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In this case, notice under Section 95 of the IBC, 2016 application was issued on 16.08.2021. At the time of enquiry in terms of Section 99 of the IBC, 2016, it came to the notice of the RP that the Personal Guarantor of the Corporate Debtor expired on 02.10.2021 at State of California(USA). The Adjudicating Authority held that the Personal Guarantor in 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.

On demise of the Personal Guarantor, the question of continuing the proceedings against such a dead person will not arise and since the proceedings abate, the Section 95 application also has to be closed – Alchemist Asset Reconstructions Company Vs. Mr. Deepak Puri – NCLT Principal Bench Read Post »

Consolidation of two CIRP petition against Holding Company and Subsidiary Company – Administrator of Srei Infrastructure Finance Ltd. Vs. Srei Equipment Finance Ltd. – NCLT Principal Bench

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Consolidation of two CIRP petition against Holding Company and Subsidiary Company – Administrator of Srei Infrastructure Finance Ltd. Vs. Srei Equipment Finance Ltd. – NCLT Principal Bench Read Post »

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