My question is whether IBC is applicable on registered cooperative socieites?
Following may be considered while replying:
As per S. 3(7) of IBC Corporate person includes any other person incorporated with limited liability under any law for the time being in force. S. 3(8) says that Corporate Debtor means a Corporate person who owes a debt to any person. It is to be noted that a Cooperative Society is registered under Cooperative Society Act 1912.
S. 18 of the Cooperative Societies Act 1912 reads as under:
"The registration of a society shall render it a body corporate by the name under which it is registered, with perpetual succession and a common seal, and with power to hold property, to enter into contracts, to institute and defend suits and other legal proceedings and to do all things necessary for the purposes of its constitution.
However, S. 2(11)of Companies Act reads as under:
"Body Corporate or ― Corporation includes a company incorporated outside India, but does not include—
(i) a co-operative society registered under any law relating to co-operative societies;
and
(ii) any other body corporate (not being a company as defined in this Act), which the Central Government may, by notification, specify in this behalf;
However, S. 238 of IBC says that provisions of IBC overrides provisions of any other law.
I solicit your views in the matter.
CAclubindia
