The Supreme Court ruled that resolution plans under the Insolvency and Bankruptcy Code (IBC) involving mergers or acquisitions must get Competition Commission of India (CCI) approval before the Committee of Creditors (CoC) stage. However, Justice SVN Bhatti dissented, stating that CCI clearance could be obtained after CoC approval. This decision ensures regulatory compliance and prevents anti-competitive practices early in the insolvency process.
Today, On 4th November, Aditya Birla Finance and Glas Trust petitioned the NCLT to replace the resolution professional managing Byju’s insolvency, claiming only one entity is classified as a financial creditor, resulting in a single-member Committee of Creditors. The NCLT will hear the case next week, following a stay on CoC meetings.
Today, On 6th September, The Supreme Court agreed to hear a plea about insolvency proceedings against ed-tech company Byju’s. This case involves the company’s financial challenges and its settlement of dues with the BCCI. Both parties are seeking an expedited hearing, and the court has stayed a previous NCLAT judgment concerning the case. The case revolves around a sponsorship agreement default with the BCCI.
The Supreme Court, in a recent judgment, has dismissed an appeal brought forward by a Resolution Professional (RP), underscoring the imperative for RPs to uphold a neutral position in such legal proceedings. The top court’s decision serves as a clear directive that the responsibility to seek appropriate legal remedies rests primarily with the aggrieved parties, […]
![[Byju's Insolvency Case] “They Have Classified Us as Operational Creditors; We Are Financial Creditors”: Aditya Birla Finance, Glas Trust Seek to Replace Resolution Professional](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/11/image-11.png?resize=300%2C168&ssl=1)
