M/S Nirmal Ujjwal Credit Co-operative Society Ltd. (Appellant), a Multi-State Co-operative Society (MSCS), submitted a resolution plan for Morarji Textiles Ltd. (Corporate Debtor) during its Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is involved in man-made fibre/viscose textile manufacturing, while the Appellant primarily operates in financial services with an incidental agro-product processing unit. The Appellant's resolution plan was rejected by the Resolution Professional (RP), the National Company Law Tribunal (NCLT), and the National Company Law Appellate Tribunal (NCLAT) on the grounds that the Appellant was ineligible under Section 64(d) of the Multi-State Cooperative Societies Act, 2002, and its own bye-laws, as it was not considered
…The appellant is a co-operative society registered under the Multi-State Cooperative Societies Act, 2002, operating a textile unit named "Nirmal Textile" in Nagpur with a GST registration dated 23.04.2021 and a factory licence dated 28.10.2022.
On 03.08.2023, Section 64(d) of the 2002 Act was amended to allow Multi-State Co-operative Societies (MSCS) to invest in subsidiary institutions or any other institution "in the same line of business as the MSCS".
The appellant issued a notice on 01.09.2023 for an Annual General Meeting (AGM) to amend its bye-laws, and an AGM was conducted on 24.09.2023, proposing amendments to Clause 52 to include the verbatim provision of amended Section 64(d).
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Nirmal Textile, a unit…
Nirmal Textile, a unit…
M/S Nirmal Ujjwal Credit Co-operative Society Ltd. (Appellant), a Multi-State Co-operative Society (MSCS), submitted a resolution plan for Morarji Textiles Ltd. (Corporate Debtor) during its Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is involved in man-made fibre/viscose textile manufacturing, while the Appellant primarily operates in financial services with an incidental agro-product processing unit. The Appellant's resolution plan was rejected by the Resolution Professional (RP), the National Company Law Tribunal (NCLT), and the National Company Law Appellate Tribunal (NCLAT) on the grounds that the Appellant was ineligible under Section 64(d) of the Multi-State Cooperative Societies Act, 2002, and its own bye-laws, as it was not considered
…The appellant is a co-operative society registered under the Multi-State Cooperative Societies Act, 2002, operating a textile unit named "Nirmal Textile" in Nagpur with a GST registration dated 23.04.2021 and a factory licence dated 28.10.2022.
On 03.08.2023, Section 64(d) of the 2002 Act was amended to allow Multi-State Co-operative Societies (MSCS) to invest in subsidiary institutions or any other institution "in the same line of business as the MSCS".
The appellant issued a notice on 01.09.2023 for an Annual General Meeting (AGM) to amend its bye-laws, and an AGM was conducted on 24.09.2023, proposing amendments to Clause 52 to include the verbatim provision of amended Section 64(d).
…Nirmal Textile, a unit…
Nirmal Textile, a unit…