INDIA Trends and Developments Contributed by: Vaibhav Choukse, Ela Bali, Nripi Jolly and Faiz Siddiqui, JSA
Conclusion The relevant period has been an eventful one for the CCI, with a comprehensive overhaul of India’s merger control regime representing a reformative shift towards aligning regulatory processes with the demands of a rapidly evolv - ing market. In doing so, the CCI has sought to strike a careful balance between enhancing the ease of doing business and preserving competi - tion in the markets. With clearer guidance pro - vided in the FAQs and proactive enforcement, the revised regime offers greater predictability and legal certainty for stakeholders.
Law Tribunal and NCLAT ruled against INSCO, holding that – while CCI approval is mandatory – it is not needed before CoC approval. INSCO also challenged the CCI’s approval separately, but the NCLAT upheld it. INSCO appealed both decisions to the Supreme Court. The Supreme Court, while quashing the AGI’s resolution plan, nullifying all actions taken under it and restoring rights of all stakeholders as they were prior to the approval of AGI’s resolution plan, directed the CoC to reconsider eligible plans, including INSCO’s. The judgment under - scores the importance of seeking CCI approval before the CoC’s approval of the resolution plan.
285 CHAMBERS.COM
Powered by FlippingBook