Following a recent ruling by the Supreme Court related to interpreting provisions of the IBC, an approval from the competition watchdog is mandatory for submission of a resolution plan by the entity concerned
Competition Commission of India (CCI) has given in-principal approval to Vedanta’s proposal to acquire debt-ridden Jaiprakash Associates (JAL), should it win a bid in the ongoing insolvency proceeding.
“The proposed acquisition relates to Vedanta’s proposed acquisition of up to 100 per cent of the equity shareholding of JAL (Proposed Transaction),” CCI said in its order. Pursuant to the proposed transaction, Vedanta will acquire complete and sole control of JAL. The National Company…