The case involves an application filed by the State Bank of India (SBI) under Section 95(1) of the Insolvency & Bankruptcy Code against Ms. Sudesh Sharma. The application pertains to a personal guarantor who has passed away. SBI sought permission to initiate bankruptcy proceedings against the legal heirs of the deceased guarantor.
State Bank of India filed an application. The application is related to a personal guarantor who is now deceased. SBI sought permission to initiate bankruptcy proceedings against the legal heirs of the deceased guarantor. The court considered the application under Section 123(5) of the IBC. The relevance of the guarantor's death is that it necessitates proceeding against the legal heirs instead of the guarantor directly.
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The order was delivered on February 25, 2022,…
The case involves an application filed by the State Bank of India (SBI) under Section 95(1) of the Insolvency & Bankruptcy Code against Ms. Sudesh Sharma. The application pertains to a personal guarantor who has passed away. SBI sought permission to initiate bankruptcy proceedings against the legal heirs of the deceased guarantor.
State Bank of India filed an application. The application is related to a personal guarantor who is now deceased. SBI sought permission to initiate bankruptcy proceedings against the legal heirs of the deceased guarantor. The court considered the application under Section 123(5) of the IBC. The relevance of the guarantor's death is that it necessitates proceeding against the legal heirs instead of the guarantor directly.
The order was delivered on February 25, 2022,…