Supreme Court of India order dated 29Jan 2025 in Corporate Insolvency Resolution Process matter of Hindustan National Glass Ltd
Supreme Court of India order dated 29Jan 2025 in Corporate Insolvency Resolution Process matter of Hindustan National Glass Ltd under Insolvency and Bankruptcy Code-2016: Core issues: 1. When law is plainly worded and unambiguous, Courts must not involve in its interpretation but to be guided by plain and natural meaning as stated in the Statute. Proviso attached to Sec-31(4) inserted through the amendment dt 06June 2018 states as under: “Provided that where the resolution plan contains a provision for combination, as referred to in section 5 of the Competition Act, 2002, the resolution applicant shall obtain the approval of the Competition Commission of India under that Act prior to the approval of such resolution plan by the committee of creditors”. As its decided that the above proviso is well documented by Legislative and without any ambiguity that any resolution plan involving combination must obtain Competition Commission of India (CCI) ap...