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2023 (2) TMI 1247 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIResolution Plan was filed by Resolution Professional for consideration before the Adjudicating Authority - Approval under Section 31(4) proviso of the I&B Code has not yet been obtained from Competition Commission of India - HELD THAT:- The Adjudicating Authority relying on three member bench judgment of this Appellate Tribunal in Arcelormittal India Pvt. Ltd. vs. Abhijit Guhathakurta, [2020 (1) TMI 277 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] and another three member bench judgment in Makalu Trading Ltd. and Ors. vs. Rajiv Chakraborty and Ors., [2020 (9) TMI 386 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHI] has taken the view that it is not mandatory to obtain the approval by the Competition Commission of India prior to approval by CoC and the same can be obtained during pendency of the application for approval pending before the Adjudicating Authority. The Adjudicating Authority rejected the Intervention Application filed by the Appellant holding that Appellant has no locus relying on its earlier order passed on 22.09.2022. Learned counsel for the Respondent No.1 and 2 submits that the issue as to whether the approval under Section 31(4) proviso is necessary/mandatory or not has already been heard by the Adjudicating Authority in Intervention Application of other stakeholder and order has been reserved on 09.02.2023. Respondent No.4 also adopted the submissions of Respondent No.1. There are no reason to enter into the issue as the said issue has already been reserved for consideration before the Adjudicating Authority. Appeal disposed off.
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