The interplay between the IBC and the Competition Act | CCI approval for Resolution Plans containing combination proposals must be obtained prior to CoC’s approval – Independent Sugar Corporation Ltd. Vs. Girish Sriram Juneja and Ors. – Supreme Court
This judgment contains:
I.A Objections on Locus Standi
I.B.1 Interpretation of Insolvency Code
I.B.2 Principle of Plain Meaning
I.B.3 Legislative debates, committee reports, Memorandum and/or historical contexts may be looked at with a degree of caution
I.B.4 Dismissal of an SLP do not constitute any declaration of law or binding precedent
I.B.5 Interpretation of a Proviso to a statute
I.C Interpretation of Proviso to Section 31(4) of IBC
I.D A Resolution Plan approved by the CCI should only be placed before CoC
I.E Disharmony between the stipulated timeline to be followed under the IBC and the Competition Act
I.E.1 Submission of an application before CCI need not necessarily wait until the Resolution Plan is submitted
I.E.2 Upper limit of 330 days within the CIRP timeline
I.E.3 RP’s duty to examine each Resolution Plan whether it contravenes any provisions of law
I.E.4 Modification in Resolution Plan
I.F The interplay between the IBC and the Competition Act
I.G Practical Challenges with Conditional Approvals
I.H Conclusion