Recently, the Delhi High Court in Ovington Finance Pvt. Ltd. v. Bindiya Nagar held that the court for the purpose of extension of an arbitral tribunal’s mandate is the court that appointed the arbit...
In a watershed moment for India’s insolvency and competition law regime, the Supreme Court of India (“SC”), in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja, has delivered a majority verdict harmonising the relationship between the Competition Act, 2002 and the Insolvency and Bankruptcy Code, 2016. This judgment underscores the mandatory nature of obtaining Competition Commission of India’s approval before the Committee of Creditors (“CoC”) votes on a successful resolution plan. Resultantly, the SC quashed and set aside AGI Greenpac Limited’s resolution plan and directed the CoC to reconsider Independent Sugar Corporation Limited’s (“INSCO”) resolution plan.
INDUSLAW Competition team successfully represented INSCO before the Hon’ble SC. INDUSLAW Disputes team is also actively advising INSCO on the CIRP process. INDUSLAW’s Amit Jajoo, Unnati Agrawal Sourasubha Ghosh and Swapnil S analyse this landmark judgement by way of an article.
