Whether a Petition filed under Section 7of the IBC against a “Co-Operative Society” maintainable?
Whether a Petition filed under Section 7of the IBC against a “Co-Operative Society” maintainable? Answer- No . Section7(1) of the IBC states as follows:- “A financial creditor either by itself or jointly with [other financial creditors, or any other person on behalf of the financial creditor, as maybe notified by the Central Government,] may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred.” Section 3(8) of the IBC states as follows:- “ corporate debtor ” means a corporate person who owes a debt to any person;” Section 3(7) of the IBC states as follows:- “ Corporate person ” means a company as defined in clause(20) of section 2 of the Companies Act, 2013, a limited liability partnership, as defined in clause(n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008, or any o...