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New Delhi [India], May 20 (ANI): The central government is likely to bring an amendment in the Insolvency and Bankruptcy Code (IBC) in the upcoming monsoon session of Parliament, sources told ANI.
The amendment in Section 31(4) of the Insolvency and Bankruptcy Code (IBC) will be made. This particular section mandates prior approval from the CCI for any resolution plan.
Sources said the amendment in IBC will reduce the load on the Competition Commission of India (CCI).
Once the new amendment is adopted, approval from CCI would not be needed for a company planning resolution under the IBC route, they added.
The plan to amend the IBC comes in the wake of Supreme Court's latest observation during the hearing of the resolution plan of AGI Greenpac.
The apex court had noted that the resolution was unsustainable without CCI approval.
The Supreme Court had reportedly observed in January 2025 that AGI Greenpac Ltd's bid for the acquisition of insolvent Hindustan National Glass (HNG) Ltd without the Competition Commission of India's (CCI) approval is unsustainable and must be set aside.
"AGI Greenpac's resolution plan is unsustainable as it failed to secure prior approval from the CCI, as mandated under the proviso to Section 31(4) of the Insolvency and Bankruptcy Code (IBC). Consequently, the approval granted by the Committee of Creditors (CoC) to the resolution plan dated October 28, 2022, without the requisite CCI approval, cannot be sustained and is hereby set aside and quashed," the apex court order had said. (ANI)