For Resolution Plans involving combinations, Resolution Plan can be tabled for Committee of Creditors’ approval only after obtaining the requisite approval by the Competition Commission of Inda

The Hon’ble Supreme Court of India (“Supreme Court”) by a 2:1 majority in Independent Sugar Corporation Limited v Girish Sriram Juneja and Ors1, has held that in case of resolution plans proposing a combination (i.e., a merger or amalgamation of the entities) of a corporate debtor, the Competition Commission of India (“CCI”) must first grant the necessary approval before such Resolution Plan is placed before the Committee of Creditors (“CoC”) for it

Filed under:
India, Competition & Antitrust, Insolvency & Restructuring, Litigation, JSA, Merger control, Insolvency, Competition Commission of India, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Authors:
Dheeraj Nair , Nisha Kaur Uberoi , Varghese Thomas , Fatema Kachwalla , Rahat Dawan , Vishrutyi Sahni , Kabir Saund , Pramothesh Mukherjee
Location:
India
Firm:
JSA