IBC: A Resolution Plan Involving 'Combination' Must Clear CCI Hurdle First

The legal framework w.r.t. law of insolvency in India has seen considerable progress since the introduction of Insolvency and Bankruptcy Code, 2016 ("IBC"). The Legislature, taking cue from various judgments passed by the courts and the grey areas identified during the implementation of the provisions of IBC, introduced various amendments from time to time. However, notwithstanding such amendments, various legal questions involving interpretation and implementation of provisions of IBC keep arising posing challenges before the Courts to resolve the same.

Recently, an interesting legal question arose before Supreme Court of India in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja & Ors. – 2025 INSC 124, "whether seeking approval of the Competition Commission of India to a resolution plan involving combination, prior to the approval of Committee of Creditors as stipulated under Section 31(4) of IBC is mandatory or directory?"