The another significant amendment is shifting the Competition Commission of India (CCI) approval timeline — allowing the CoC to approve a plan without waiting for prior CCI approval. This means only the successful resolution applicant will need to secure CCI clearance post-CoC approval.
Under the current framework, all prospective resolution applicants are required to obtain CCI approval, before the CoC to approve the resolution plan.
In cases like Jaiprakash Associates, where multiple bidders were involved, each had to seek CCI approval, leading to unnecessary delays and increased costs. The new framework is expected to streamline the process and significantly reduce compliance costs for applicants.
Thirdly, the Bill clarified the…