Resolution plan containing combination should have prior approval from CCI

Independent Sugar Corporation Ltd. Vs Girish Sriram Juneja & Ors. (Supreme Court of India) Supreme Court held that for a Resolution Plan containing a combination should be examined by Committee of Creditors [CoC] only after prior approval from Competition Commission of India [CCI]. Thus, resolution plan approved by CoC without requisite CCI approval not sustained. Facts- Appellant – Independent Sugar Corporation Ltd. submitted their Resolution Plan for HNGIL – the Corporate Debtor/Target Company in India. After the CIRP was initiated against HNGIL by DBS Bank [Financial Creditor] u/s. ...