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1 - 10 of 12 (0.38 seconds)The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
Section 10 in The Competition Act, 2002 [Entire Act]
Section 9 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 [Entire Act]
Section 3 in The Competition Act, 2002 [Entire Act]
Section 54 in The Competition Act, 2002 [Entire Act]
The Up Glass Manufacturers Syndicate vs Mr. Girish Sriram Juneja & Ors on 18 September, 2023
11. The 1st ground on which order approving the Resolution Plan by the
Appellant is challenged on the strength of Section 5 of the Competition Act,
2002. Counsel for the Appellant relied on judgment of the Hon'ble Supreme
Court in Independent Sugar Corporation Ltd. (supra) decided on
29.01.2025. The Hon'ble Supreme Court in the said judgment has laid down
that approval of the CCI as contemplated under Section 31(4) proviso of the
IBC has to be mandatorily obtained before approval of the plan by the CoC.
Section 31(4) of the IBC provides as follows:-
Ace Investments Ltd., A Company ... vs Settlement Commission, Income Tax And ... on 26 September, 2003
iii. Rescheduling of debts payable by the borrower
iv. Enforcement of security interest in accordance with
the provisions of the Act
v. Settlement of dues payable by the borrower
vi. Conversion of any portion of debt into equity of a
borrower company
10.2 The ARC shall formulate the policy for realisation of
financial assets under which the period for realisation
shall not exceed five years from the date of acquisition
of the financial asset concerned.