https://www.taxtmi.com/news?id=31900 The issue is whether a resolution plan must obtain prior Competition Commission clearance before Committee of Creditors approval. The majority found that failure to secure prior competition approval invalidated the plan, stressing procedural compliance and competition safeguards cannot be sacrificed for expedition. The majority ordered restoration to the pre-approval status and directed creditors to reconsider plans that had requisite competition approvals as of the reference date, while a dissent viewed prior approval as directory to avoid delay in resolutions. en-us Wed, 29 Jan 2025 20:31:04 +0530 Wed, 29 Jan 2025 20:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=31900 The issue is whether a resolution plan must obtain prior Competition Commission clearance before Committee of Creditors approval. The majority found that failure to secure prior competition approval invalidated the plan, stressing procedural compliance and competition safeguards cannot be sacrificed for expedition. The majority ordered restoration to the pre-approval status and directed creditors to reconsider plans that had requisite competition approvals as of the reference date, while a dissent viewed prior approval as directory to avoid delay in resolutions. News - Wed, 29 Jan 2025 20:31:04 +0530 https://www.taxtmi.com/news?id=31900