The Supreme Court of India has ruled that the Competition Commission of India (CCI) must approve any merger involving a resolution plan under the Insolvency and Bankruptcy Code (IBC) before the Committee of Creditors (CoC) votes on it. The verdict came in the case involving AGI Greenpac’s acquisition of Hindustan National Glass and Industries Ltd. (HNGIL), which was challenged by Bermuda-based Independent Sugar Corporation Ltd. (INSCO), another bidder.
A bench led by Justice Hrishikesh Roy ruled that the approval of the resolution plan must comply strictly with the proviso to Section 31(4) of the IBC, which requires prior CCI clearance before the CoC’s decision. The judgment overturned the National Company Law Appellate…
