Sole Proprietary Concern not entitled to initiate IBC proceedings, NCLT

Sole Proprietary Concern not entitled to initiate IBC proceedings, NCLT

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.

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