Prudeta
Prudeta
2026 INSC 338
📌 Paras 1-15
The appellant, a cooperative society, sought to submit a resolution plan for a corporate debtor. The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) declared the appellant ineligible, primarily because its bye-laws did not permit investment in the corporate debtor, and it was neither a subsidiary nor in the same line of business. The appellant argued that amendments to its bye-laws, aligning with Section 64(d) of the Multi-State Co-operative Societies Act, 2002, permitted such investment. The NCLAT, however, found the amendment's effective date and the nature of businesses to be disqualifying factors.
📌 Para 15
Whether the appellant cooperative society was eligible to submit a
The bench further analyzed the constitutional validity of the impugned provisions and discussed the interpretation of Articles 14 and 21 in light of recent precedents...
Citing the ratio in prior decisions, the court held that the legislative intent was to ensure...
No credit card required · 14-day free trial