IBC not applies to Co-Operative Society: NCLT

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 l...