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...firm or sole proprietorship firm can be included in it hence, the present petitioner who is a personal guarantor to sole proprietorship firm is hereby covered under the broader scope of term debtor.
...Enterprises are sole
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proprietorship firm owned by Chetan Kothari and Angoorbala Kothari respectively. They availed...explicitly define the term debtor as applicable to the individual or sole partnership firm, but by way of statutory interpretations, the definition of debtor under other law the individual and partnership...
...borrowed against interest. Resultantly, the money borrowed by sole proprietorship of the appellant against payment of interest for which the corporate debtor stood guarantee or indemnity, was also a...the context of the statute. For example, Section 2(haa) of the Chartered Accountants Act, 1949 defined a “sole proprietorship” as ‘an individual who engages himself in practice of accountancy or...the Insolvency and Bankruptcy Code, 2016 (for short “the Code”) can be initiated by the financial creditor (Bank) against a corporate person (being a corporate debtor) concerning guarantee offered by it...
...& Anr., CA (AT) (Ins) No. 1354 of 2019". B. The Operational Creditor being an un-registered Sole Proprietorship firm is not qualified to initiate CIRP proceedings:
...Section 3(23) of IBC. The demand notice dated 28.01.2020 was also issued in the name of the sole proprietorship concerned. Therefore, the present petition is in the contravention of provisions of IBC and deserves to be dismissed....submitted that the Operational Creditor is a sole proprietorship firm and does not fall within the category of the person defined under...
...Code and as per Section 3(7) and 3(8) of the I&B Code, the application can be filed only against Company and the same is not maintainable against the Sole Proprietorship Firm(as in instant case) a...Debtor, as defined under Section 3(7) and 3(8) of the Code. Furthermore , the insolvency proceedings cannot be initiated against the Sole Proprietorship Firm of Debtor and...addressed by the Principal Borrower i.e. Sole Proprietorship Firm and not by the Appellant and as such the said communications are not binding upon the Appellant/ Corporate Guarantor...
...FDR for encashment through its bank. He further submitted that the Judgment Debtor is a sole proprietorship and not a body corporate, and has filed the present application through an authorized...-1217/2023 has been filed by the Judgment Debtor (JD)/Applicant seeking urgent direction from this Commission to direct the Complainant to comply with the order dated 07.08.2020, passed by the Hon'ble...Judgment Debtor submitted that the Decree Holder should be retrained from encashing the said FDRs in its favor, but instead, they should be encashed in the name of the members only, in strict compliance...
...the Application was filed in the name of sole proprietorship firm and it was not a legal entity under the definition of person under Section 3(23) of IBC. It was also claimed that the Operational...Delhi, Court No. III in IB-722/ND/2019 to submit that in that matter when the petition was filed by Sole Proprietorship concern it was not held to be a person and the petition was dismissed...by Sole Proprietorship Firm, which is not a legal entity and is not covered under the definition of Person, under Section 3(23) of the IBC, 2016. The Petitioner, in...
....2. As per averments, the petitioner is a sole proprietorship firm engaged in the business of supplying Aluminium End covers to the Corporate Debtor who manufactures water pumps of various...Industries, with an identification No. as 06ADFPM9604G1ZK (being a Proprietorship Registration Number). The petition which has been filed in the registered format has failed to disclose the name of Sole...Bankruptcy Code (hereinafter referred to as the “Code”) praying for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor for its inability to liquidate its outstanding dues...
...advance payments of Rs. 1,87,82,060/- were made in cash. It further claims that Haji Shahadat & Sons and Maaz Exports, another sole proprietorship of Mr. Abdul Maaz, are a single entity, and the filing of two separate Section 9 ...proprietorship is not a "person" under Section 3(23) of IBC. However, the application is filed by Mr. Abdul Maaz, the sole proprietor, which is permissible under IBC. The application clearly identifies Mr. Abdul Maaz as the propriet...that a sole proprietorship lacks legal standing to file under IBC and...
...of realization in full, jointly or severally from the Certificate Debtors no 1 and 2 hereinafter *rl{iili*.'t referred to as:- Certificate Debtor r M/S Glassic, sole proprietorship firm represented...carrying on business, inter a1ia, at the Red Cross Place Branch at 4 and 4/r Red Cross Place Branch, Police Station Hare Street, Kolkata-Toooor Versus M/S Glassic, sole proprietorship firm represented by...its sole Proprietor Mr. Utpal Sarkar having its office at zgoglF,fg4, Barrackpore Road, Near Kalibari, Barasat, PO - Noapara, District- North z4 Parganas, Kolkata-7ooL21. Mr. Utpal Sarkar son of...
...liquidating its debt. The petition has been filed by a sole proprietorship concern engaged in the business of advertising through the duly authorised attorney of the proprietor. As per averments, the Corporate Debtor is..., 2016 (hereinafter referred to as the Code), by an Operational Creditor. It seeks to initiate Corporate Insolvency Resolution process against the Respondent/Corporate Debtor, for the default in...Corporate Debtor for effecting publication of a full page advertisement of their products in the daily newspapers The Hindustan Times and The Times of India. The Operational Creditor took the...
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..., P.S. Hare Street, Kolkata - 7oo oo1' versus Vikash Trading ComPanY, a sole proprietorship firm owned by Shri Raj Kumar ^Shu*, carrying on business at 3B/il, Dharamhata t$ Lane, Ground Floor, Kolkata...Vikash Trading Company, a sole proprietorship firm owned by Shri Raj Kumar Shaw, carrying on business at gB/tA, Dharamhata lst Lane, Ground Floor, Kolkata - 7oo 006. Shri Raj Kumar Shaw, carrying on...- 7oo oo6. Shri Raj I(umar Shaw, carrying on business as sole proprietor of Vikash Trading Company at 3B/1A, bharamhata 1't Lane, Ground Floor, Kolkata - 7oo oo6. Recovery Certifi cate f.or Rs. rr, Bs...
...principal debtor i.e sole proprietorship firm represented by the sole proprietor (defendant Nos. 1 and 2). Defendant Nos. 3 to 5 has not come forward to challenge the same. Being unchallenged the said...till such fresh adjudication of the liability of principal debtor proprietorship firm represented by the sole proprietor.20. The instant miscellaneous application is allowed accordingly. Serve copy of this o...appeared for defendant Nos. 2 to 4 (Guarantor Defendants 3 to 5 in O.A 36/99).3. The petitioner No. 1 is the proprietorship firm and the petitioner No. 2 is the proprietor of the said firm...
.../ Corporate Debtor, as defined under Section 3(7) and 3(8) of the Code. Furthermore, the insolvency proceedings cannot be initiated against the Sole Proprietorship Firm of Debtor and...Proprietorship Firm (as in instant case) and as such what cannot be performed directly, cannot be performed indirectly.5. The Learned counsel for the Appellant contents that as per Section 5A of the I&B Code,...of Limitation. Moreover, it is the stand of the Appellant that the three letters were addressed by the Principal Borrower i.e. Sole Proprietorship Firm and not by the Appellant and as such the said...
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5. The Operational Creditor in response to the objection of the Corporate Debtor that a sole proprietorship firm cannot initiate proceedings under Section 9 of...Tribunals have been pleased to interpret that the sole proprietorship concern is entitled to initiate Corporate Insolvency Resolution Process against the Corporate Debtor.
6...Creditor in the capacity of being a sole proprietor or the objection of the Corporate Debtor about the pre-existing disputes with respect to the goods supplied by the Operational Creditor which were...
...further claimed that Respondent No. 1 transferred a part amount of Rs. 19, 40, 81,000/- to the corporate debtor and Mr. Ambrish L. Shah also transferred an amount of Rs. 25,00,000 through his sole...proprietorship firm ALS South West Steel. as a result the corporate debtor made plans for expansion and invested in development of infrastructure and other capital goods of the corporate debtor. The....
2. The Appellants are ex-directors and authorized representatives of the corporate debtor M/s Superdrawn Wire Industries Pvt. Ltd., which is in the business of manufacturing of highly specialized...
...Industries, a sole proprietorship firm, per its Sale Deed. However, admittedly Take Over Agreement dated 16.12.2016 was executed between the two and a bare perusal of its provisions would reveal the intention of appell.... 1153/2021 in IB-2083/ND/2010 never held the subject property vests with the sole proprietorship firm. Rather in order dated 27.09.2021, the Resolution Professional was rather directed to seek resort to civil remedy).
...virtue of the Takeover Agreement, if the corporate veil is pierced, then it can be seen the Appellant's sole proprietorship firm is transferring its sole asset viz. the subject Property to the Corporate ...