Co-operative Society can only submit resolution plan for corporate debtor in same line of business

Nirmal Ujjwal Credit Co-Operative Society Ltd. Vs Ravi Sethia & Ors. (Supreme Court of India) Supreme Court held that section 64(d) of the Multi-State Co-operative Societies Act, 2002 restricts Multi-State Co-operative Society investment only to entities in the same line of business. Accordingly, Multi-State Co-operative Society is ineligible to submit resolution plan for corporate debtor which doesn’t operate in same line of business. Facts- This statutory appeal arises from the judgment and order passed by the National Company Law Appellate Tribunal, New Delhi dated 21.08.2025. The NC...