The Punjab and Haryana High Court recently held that when a cheque issued by a sole proprietary entity is dishonoured, it is necessary to array the proprietary concern as an accused, along with the sole proprietor. It observed, When the statutory signification assigned to a 'Company', does visibly cover not only any corporate body, but also covers a firm, or …
The NCLT Delhi has held that since a 'Sole Proprietary' concern is not a person under section 3 of the Insolvency and Bankruptcy Code, 2016, it cannot initiate insolvency proceedings. The petitioner RG Steels approached the Tribunal as an Operational Creditor seeking for the initiation of corporate insolvency resolution process against Corporate Debtor M/s Berrys Auto Ancillaries Pvt. The Bench …
