Case Law Details
The Solapur Dist. Central Co – Operative Bank Limited Vs Sangola Taluka Sahakari Sakhar Karkhana Limited (NCLT Mumbai)
Bench is of considered view that the Corporate Debtor who is a Co-Operative Society registered/incorporated under the Maharashtra State Co-Operative Societies Act, 1960, does not come under the purview of the Code and therefore the CIRP cannot be initiated against the Corporate Debtor.
While considering the contentions of the Financial Creditor with respect to the Limitation Period, this Bench observed that even if the Petition filed by the Financial Creditor is within the limitation, the Financial Creditor is not eligible to file a petition under the IBC against the Corporate Debtor here, being a Co-operative Society registered under the Maharashtra State Co-operative Societies Act, 1960. The remedy to the Financial Creditor can be available under any other applicable Legislation.
In view of the above, this Bench is of the opinion that, the Petition filed by the Financial Creditor is not maintainable and therefore, C.P. (IB) No. 263/MB/2019 filed by The Solapur Dist. Central Co – Operative Bank Limited, the Financial Creditor/Applicant, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against Sangola Taluka Sahakari Sakhar Karkhana Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process is hereby Dismissed with no Cost.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
Please become a Premium member. If you are already a Premium member, login here to access the full content.
