Introduction
In 2016, the Insolvency and Bankruptcy Code (IBC) was introduced, fundamentally changing how distressed businesses in India are restructured and how debt recovery is managed. The IBC has paved the way for significant corporate restructurings, including the high-profile acquisition of Essar Steel by ArcelorMittal and the impending acquisition and revival of Videocon Industries by the Vedanta Group.
A recent Supreme Court ruling in Independent Sugar Corporation Ltd. v Girish Sriram Juneja & Ors. has introduced new regulatory dynamics, particularly for acquisitions involving distressed companies that require approval from the Competition Commission of India (CCI).
The Supreme Court judgment alters the settled regulatory…