Insolvency Resolution Process cannot be maintained against legal heirs of Personal Guarantor

Bank of Baroda Vs Divya Jalan (NCLT Kolkata) When a section 95 application is filed the assets of the Personal Guarantor is hit by moratorium and if we put the legal heirs of the deceased Personal Guarantor into the shoes of the Personal Guarantor then their personal assets will also get automatically hit by moratorium, which will cause grave prejudice to the rights of the third party. However, there is no provision in the code which envisages that the concept of legal heirs stepping into the shoes of the deceased Personal Guarantor. In this instant case the petitioner can take appropriate ste...