IndusLaw has successfully represented and procured favorable relief for Independent Sugar Corporation Ltd. (INSCO) from the Hon'ble Supreme Court of India (Supreme Court). In a landmark ruling, the Supreme Court allowed INSCO's appeal on almost all of its submissions (substantive and procedural) while quashing and setting aside AGI Greenpac's resolution plan. The Supreme Court also directed the Committee of Creditors (CoC) to reconsider INSCO's resolution plan of Hindusthan National Glass & Industries Ltd., which is undergoing Corporate Insolvency Resolution Process.
Notably, the Supreme Court inter alia held that when the resolution plan contains a provision for combination, the resolution applicant shall mandatorily obtain the approval of the CCI prior to the approval of such resolution plan by the CoC. Additionally, a much-needed clarity was provided on what constitutes a trigger event for filing a notice to the CCI in Insolvency and Bankruptcy cases. It was also affirmed that there is no disharmony between the competition law and the Insolvency and Bankruptcy Code.
The IndusLaw team comprised Partner Unnati Agrawal, Principal Associate Nikita Agarwal and Associates Swapnil Singh Shekhawat and Hrishav Kumar Singh.