Sole Proprietary Concern Cannot Initiate Insolvency Proceedings : NCLT [Read Judgment]

The NCLT Delhi has held that since a 'Sole Proprietary' concern is not a person under section 3(23) of the Insolvency and Bankruptcy Code, 2016 ('Code'), it cannot initiate insolvency proceedings. The petitioner RG Steels approached the Tribunal as an Operational Creditor (OC) seeking for the initiation of corporate insolvency resolution process (CIRP) against Corporate...