Sole Proprietary Concern not entitled to initiate IBC proceedings, NCLTOctober 4 2019
The National Company Law Tribunal, New Delhi has held that a ‘Sole Proprietary Concern’ is not a person within the meaning of Section 3(23) of Insolvency and Bankruptcy Code, 2016 (IBC). It was hence not entitled to initiate insolvency proceedings before the Adjudicating Authority under IBC, it held.
The Order was passed by a two-member Bench of Member (Judicial) R Vardharajan and Member (Technical) KK Vohra.
One Operational Creditor, M/S RG Steels . . .
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