When this approval is sought is important, as a balance must be maintained between the CCI’s review of competition dynamics and the time-sensitive insolvency process.
Also Read: There’s no arguing with the broad thrust of CCI’s order on WhatsApp’s use of data
Recently, the Supreme Court in the case of Independent Sugar Corporation Ltd vs Girish Sriram Juneja and Others held that the requirement of obtaining the CCI’s prior approval under the IBC is mandatory for resolution plans that qualify as a ‘combination’ under the Competition Act.
In other words, a resolution plan cannot be approved if it does not have CCI approval (if required) prior to the committee of…
