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2026 (2) TMI 33
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....esh Kalara, Mr. Jaiveer Kant, Advocates for R-1. Mr. Arun Kathpalia, Sr. Advocate with Mr. Siddhant Kant, Mr. Soummo Biswas, Mr. Gayathri Balasubramanian, Mr. Amandeep, Advocates for CoC (intervener) /R-2 (HNG Workers Union). Mr. Ritin Rai, Sr. Advocate with Mr. Rishav Banerjee, Mr. Utsav Trivedi, Ms. Manini Roy, Ms. Nandini Acharya, Ms. Unnati Agrawal, Ms. Nikita Agrawal, Mr. Swapnil Singh, Mr. Hrishav Kumar, Advocates for R3/ INSCO. Mr. Yadunath Bhargavan, Mr. Akshay Chandra, Advocates for intervenor JUDGMENT ASHOK BHUSHAN, J. IA No.297 of 2026 has been filed by the Appellant making following prayers: "a) Permit the Appellants to place on record additional documents marked as Annexure A to F; b) pass su....
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....der dated 28.04.2023 approved the Resolution Plan of AGI Greenpac. (iv) Appeal(s) were filed in this Tribunal challenging the order dated 28.04.2023, which Appeal(s) were dismissed on 18.09.2023 approving the Resolution Plan of AGI Greenpac. Against which order Appeals were filed before the Hon'ble Supreme Court by Independent Sugar Corporation and other parties. The Hon'ble Supreme Court vide order dated 29.01.2025 in Civil Appeal No.6071 of 2025 filed by Independent Sugar Corporation allowed the Appeal and set aside the order dated 18.09.2023 of this Tribunal. The Hon'ble Supreme Court held that CCI approval having been obtained subsequent to the approval of Plan by the CoC, there is breach of Section 31 sub-section (4) of the IB....
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.... said deemed approval, the Resolution Plan of Independent Sugar Corporation Ltd. has been approved, whereas the deemed approval obtained by Independent Sugar Corporation was not in accordance with the provisions of the Competition Commission of India Act, 2002 and the Regulations namely - CCI (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (hereinafter referred to as "CCI Regulations 2011"). It is submitted that from the disclosure made on 18.09.2025 under the SEBI Disclosure Regulations, the Appellant came to know various facts. It is submitted that approval for obtaining by green channel was not based on correct facts and the deemed approval by CCI obtained by Independent Sugar Corporation u....
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....n C-2022/09/974 dated 30.09.2022 is invalid; and Pass any order or further order(s) as this Hon'ble Court may deem fit and proper in the facts and circumstances of the case." 6. It is submitted that the Writ Petition is still pending where arguments are being heard. 7. Learned Counsel appearing for the Independent Sugar Corporation opposing the submissions of the Appellant submits that the documents, which are sought to be brough on record, cannot be accepted. The Appellant is trying to raise an issue which is not germane to the Appeal, the Appeal having been filed against the order passed by Adjudicating Authority dated 14.08.2025 approving the Resolution Plan under Section 31 of the IBC. The deemed approval under green ....
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....cating Authority. Pursuant to discovery of the suppressed documents, the Appellants approached the appropriate authorities, seeking adjudication of the said documents. Pleading pertaining to the said proceedings are also being placed on record by way of the instant application." 11. The Independent Sugar Corporation has submitted notice for combination to the CCI under the green channel and the deemed approval was granted under the green channel, which status is reflected on the website of the CCI. The Independent Sugar Corporation has submitted notice in Form-1 on 30.09.2022 and same is deemed approved by the CCI. Learned Counsel for the Appellant has relied on Regulation 5A of CCI Regulations 2011, which is as follows: "5A. No....
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....as not in accordance with the CCI Act and the CCI Regulations 2011 and there was suppression of relevant facts in the application. After filing of the complaint, when the CCI did not take any action, a Writ Petition has been filed in the Delhi High Court with the prayers as quoted above in this judgment. Learned Counsel for the parties submitted that the Writ Petition filed by the Appellant before the Dehi High Court is pending consideration. 13. When we look into the Regulation 5A of the CCI Regulations 2011 as relied by the Appellant, the provision itself contemplate that upon filing of a notice under sub-regulation (1) and acknowledgement thereof, the proposed combination shall be deemed to have been approved by the CCI. Where the CCI....