One of your clients approaches you as a Company Secretary in Practice seeking your advice on initiation of Corporate Insolvency Resolution Process under the provisions of Insolvency and Bankruptcy Code, 2016 ('IBC', 2016

Section 3(7) of the Insolvency and Bankruptcy Code, 2016 defines that "Corporate Person" means a company as defined in clause (20) of section 2 of the Companies Act, 2013, a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008, or any other person incorporated with limited liability under any law for the time being in force but shall not include any financial service provider. Provisions of IBC are applicable to proprietorship concerns which have provided Guarantee to a Corporate person. Hence, CIRP can be initiated by filing application with NCLT.