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Liquidation

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Co-ops Cannot Use Insolvency Process to Enter Unrelated Industries: Supreme Court Defines ‘Same Line of Business’ [Read Order]

Bankruptcy

In a recent ruling, the Supreme Court has clarified the investment powers of multi‑state cooperative societies, holding that such entities cannot use the insolvency process to acquire companies operating in unrelated industries. The Court interpreted the phrase “same line of business” under Section 64(d) of the Multi‑State Cooperative Societies Act, 2002, as requiring substantial similarity in core…

Singapore politician Lim Tean says he is not bankrupt, vows legal action over CNA, Mothership reports

Bankruptcy

SINGAPORE, April 11— Singaporean lawyer and Opposition politician Lim Tean has denied reports that he has been declared bankrupt and said he plans to sue two Singapore-based news outlets for defamation. Lim said he is “not a bankrupt” and accused both CNA and Mothership of publishing “highly defamatory” articles stating otherwise. “They sought my comment…

Supreme Court Clarifies Investment Limits: Multi-State Co-operative Societies Cannot Venture Beyond Their Core Line of Business – The Legal Affair

Bankruptcy

Introduction: The present case, M/S Nirmal Ujjwal Credit Co-operative Society Ltd. v. Ravi Sethia & Ors., brought before the Supreme Court of India, raised a significant question concerning the permissible scope of investments by a Multi-State Co-operative Society (MSCS) under the Multi-State Co-operative Societies Act, 2002. The Appellant, a credit co-operative society registered under the…