https://www.taxtmi.com/caselaws?id=765473 SC ruled on IBC Section 31(4) proviso requiring CCI approval prior to CoC approval of resolution plans. Majority judges held the requirement is mandatory, setting aside the approved resolution plan lacking prior CCI approval and directing CoC to reconsider plans with requisite approvals. Dissenting judge deemed the requirement directory. Court established locus standi for unsuccessful resolution applicants and emphasized procedural compliance in competition law matters. The split decision highlights evolving jurisprudence in insolvency and competition law intersection. en-us Wed, 29 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765473 SC ruled on IBC Section 31(4) proviso requiring CCI approval prior to CoC approval of resolution plans. Majority judges held the requirement is mandatory, setting aside the approved resolution plan lacking prior CCI approval and directing CoC to reconsider plans with requisite approvals. Dissenting judge deemed the requirement directory. Court established locus standi for unsuccessful resolution applicants and emphasized procedural compliance in competition law matters. The split decision highlights evolving jurisprudence in insolvency and competition law intersection. Case-Laws IBC Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765473