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2022 (2) TMI 1311 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Co-operative Societies registered under the Multi-State Co-operative Societies Act, 2002 - scope of Corporate Person as defined under Section 2(d) and Section 3(7) of the Code - applicability of IBC to Co-operative Societies registered under Multi-State Cooperative Societies Act, 2002 - Whether the Multi-State Co-operative Societies Act, 2002 prevail over the IBC? - HELD THAT:- After bare reading of the provisions of the Code, even if we consider the Corporate Debtor to be a ‘Corporate Person’ as defined under section 3(7) of the Code, the Corporate Debtor is itself a Co-operative Society and hence cannot come under the provisions of section 2(d) of the Code as the Central Government has not issued the Notification of the applicability of the Code to the Co-operative Society. The Corporate Debtor which is Co-operative Society, to become the ‘Corporate Person’ under section 3(7) has to complete the criteria given under section 2 of the Code, which deals with applicability of the Code. If the Corporate Debtor in the matter is not covered under the section 2 of the Code, the question of applicability of section 3(7) does not arise. Thus, it is clear that the Corporate Debtor being Co-operative Society is not the ‘Corporate Person’ nor the provisions of Code are applicable to the Co-operative Society as the Corporate Debtor in the matter is registered/incorporated under Multi-State Co-operative Societies Act, 2002 which is a special statute and provides specific provisions for the winding up of the Societies registered under the same. And hence, the Corporate Debtor being Co-operative Society cannot be put under Insolvency Resolution Process. This Bench finds no merit in admitting Petition filed by the Financial Creditor under section 7 of the Code against the Corporate Debtor who is a Co-operative Society registered under the Multi-State Co-operative Societies Act, 2002 - this Bench is of considered view that the Corporate Debtor who is Co-operative Society registered/incorporated under the Multi-State Co-Operative Societies Act, 2002, does not come under the purview of the Code and therefore the CIRP cannot be initiated against the Corporate Debtor. Application dismissed.
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