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        IBC

        The SC delivered a split verdict regarding the interpretation of...

        IBC Section 31(4): CCI Approval Must Come Before Committee of Creditors' Resolution Plan Decision

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The SC delivered a split verdict regarding the interpretation of Section 31(4) proviso of IBC concerning CCI approval timing for resolution plans. The majority opinion (Roy and Dhulia, JJ.) held that obtaining CCI approval prior to Committee of Creditors' approval is mandatory, based on literal interpretation of the statute. They found the resolution plan unsustainable without prior CCI clearance and directed reconsideration of plans with existing CCI approvals. The dissenting opinion (Bhatti, J.) interpreted the provision as directory rather than mandatory, emphasizing CoC's commercial wisdom and arguing that CCI approval could be obtained before NCLT's final approval. The majority also identified procedural lapses in CCI's approval process, including failure to issue notice to the target company and discrepancies in operational data disclosures. The matter requires further jurisprudential development due to conflicting interpretations.
                                Note: It is a system-generated summary and is for quick reference only.
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