The State Bank of India (SBI) filed an application against Sh. Balbir Sharma under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The application concerned a personal guarantor. During the proceedings, it was confirmed that the personal guarantor had passed away. Consequently, the counsel for SBI sought permission from the court to initiate bankruptcy proceedings against the legal heirs of the deceased guarantor, as per Section 123(5) of the IBC. The relevance of the guarantor's death is that it necessitated a change in the target of the bankruptcy proceedings from the guarantor to their legal heirs.

The State Bank of India (SBI) filed an application against Sh. Balbir Sharma under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The application concerned a personal guarantor. During the proceedings, it was confirmed that the personal guarantor had passed away. Consequently, the counsel for SBI sought permission from the court to initiate bankruptcy proceedings against the legal heirs of the deceased guarantor, as per Section 123(5) of the IBC. The relevance of the guarantor's death is that it necessitated a change in the target of the bankruptcy proceedings from the guarantor to their legal heirs.