Brief Facts
The evolving interface between competition law and insolvency regulation has given rise to a complex set of questions regarding regulatory sequencing, statutory harmonisation, and market oversight. The Committee of Creditors (CoC), under the Insolvency and Bankruptcy Code, 2016 (“IBC”/ “the Code”), are entrusted with the responsibility of reorganisation and resolution of a debt-ridden corporate body. The IBC, in its most ideal form, follows the democratic process to adopt a resolution plan for its debtor. A particularly contested issue has been the procedural placement of Competition Commission of India (CCI) approval in relation to the Committee of Creditors’ (CoC) vote under the Insolvency and Bankruptcy…