In Brief
This 2:1 majority decision by India's Supreme Court addresses the intersection of insolvency and competition law. The case involved AGI Greenpac's bid to acquire Hindustan National Glass Industries through an insolvency process. The majority held that Competition Commission approval for merger/acquisition combinations must be obtained before a committee of creditors approves a resolution plan, as mandated by the proviso to Section 31(4) of the Insolvency Code. The Court emphasized that speedier resolution cannot override statutory compliance. The dissent argued the requirement is procedural, not mandatory. The Court set aside AGI's approval and directed reconsideration of all resolution plans with proper regulatory clearance.
The lawyer headnote and full judgment text are available to registered users.