The Supreme Court has held that a multi-state co-operative society can invest in another company, including as a resolution applicant under the Insolvency and Bankruptcy Code, 2016, only if the target company is either its subsidiary or engaged in the “same line of business”.A bench of Justice JB Pardiwala and Justice KV Viswanathan clarified that…
New Delhi, Apr 11 (PTI) The Enforcement Directorate (ED) has seized Rs 6.3 crore in cash and jewellery worth Rs 7.5 crore following searches against a Delhi-based real estate company accused of defrauding homebuyers and currently undergoing insolvency proceedings, officials said on Saturday. The action under the Prevention of Money Laundering Act (PMLA) was launched…
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, 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…
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…
DUANE CROSSMCO Publisher•Editor The court-appointed receiver overseeing Uncle Nearest told a federal court Friday that the company is insolvent, could be forced to shut down within 30 days without continued lender support, and must quickly sell assets while pursuing a sale of the business by the second quarter of 2026. In his third quarterly report,…
Future Enterprises Limited Schedules Forty-First Committee of Creditors Meeting for April 13, 2026 scanx.trade Read the original article here
Lim Tean, 61, declared a bankrupt Mothership Read the original article here
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