Joseph Mandanath 01 February 2024
Lestrange Hermione 19 March 2024
Hello,
In Mumbai, insolvency proceedings for individuals and proprietary concerns are registered under the Insolvency and Bankruptcy Code, 2016 (IBC). The IBC provides a unified framework for insolvency and bankruptcy proceedings for various entities, including individuals and proprietary concerns.
For individuals, the insolvency proceedings are initiated under Part III of the IBC, which deals with the insolvency resolution and bankruptcy for individuals and partnership firms. The National Company Law Tribunal (NCLT) is the adjudicating authority for individual insolvency cases. uno online
For proprietary concerns, which are essentially sole proprietorships, the insolvency proceedings are also initiated under Part III of the IBC. The process is similar to that of individual insolvency, where the NCLT plays a crucial role in handling the proceedings.
It's important to note that the specific procedures and requirements for initiating insolvency proceedings may vary, and it's advisable to consult with a legal professional or seek guidance from the relevant authorities for accurate and up-to-date information regarding insolvency registration in Mumbai's High Court or the NCLT.