Case Overview:
Case Name: Independent Sugar Corporation Ltd. V. Girish Sriram Juneja & Ors., Civil Appeal No. 6071 Of 2023
Judgment Date: January 29, 2025
Bench: Justices Hrishikesh Roy, Sudhanshu Dhulia, SVN Bhatti
Decision of the court:
In a recent Judgment, the Supreme Court of India held that obtaining prior approval of the Competition Commission of India is mandatory before presenting a Resolution Plan involving a combination to the Committee of Creditors under the Insolvency and Bankruptcy Code, 2016 (IBC).
The Court arrived at this conclusion by interpreting the proviso of Section 31(4) of IBC and emphasised that the use of the word ‘prior’ makes the legislative intent clear. The court further held that any deviation from this requirement would undermine the statute and erode the confidence of stakeholders in the integrity of the legal and regulatory framework.
However, Justice SVM Bhatti disagreed with the majority stating that the requirement of prior approval under the proviso of Section 31 (4) of IBC is discretionary, not mandatory. He contended that a purposive interpretation of the law would better facilitate the operations of successful resolution applicants as a going concern without deviating from the rigours of the Competition Act
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