https://www.taxtmi.com/caselaws?id=403948 NCLT held that a proprietary concern qualifies as a "person" under Section 3(23) of the IBC and an operational creditor for purposes of Section 9. Relying on NCLAT precedent, the Tribunal found the petitioner's operational debt and default established, declared the Section 9 application maintainable, admitted the CIRP against the corporate debtor and imposed the moratorium. The petition by the sole proprietorship was thus allowed and insolvency proceedings were initiated. en-us Mon, 07 Sep 2020 00:00:00 +0530 Fri, 22 Aug 2025 21:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403948 NCLT held that a proprietary concern qualifies as a "person" under Section 3(23) of the IBC and an operational creditor for purposes of Section 9. Relying on NCLAT precedent, the Tribunal found the petitioner's operational debt and default established, declared the Section 9 application maintainable, admitted the CIRP against the corporate debtor and imposed the moratorium. The petition by the sole proprietorship was thus allowed and insolvency proceedings were initiated. Case-Laws IBC Mon, 07 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403948