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2020 (1) TMI 277 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIApproval of Resolution Plan - requirement on the part of ‘Resolution Applicants’ to obtain approval of the Competition Commission of India prior to approval by the ‘Committee of Creditors’ - compliance with the mandatory requirement under the proviso to Section 31(4) of the Insolvency and Bankruptcy Code, 2016. HELD THAT:- The proviso to sub-section (4) of Section 31 of the ‘I&B Code’ which relates to obtaining the approval from the ‘Competition Commission of India’ under the Competition Act, 2002 prior to the approval of such ‘Resolution Plan’ by the ‘Committee of Creditors’, is directory and not mandatory. It is always open to the ‘Committee of Creditors’, which looks into viability, feasibility and commercial aspect of a ‘Resolution Plan’ to approve the ‘Resolution Plan’ subject to such approval by Commission, which may be obtained prior to approval of the plan by the Adjudicating Authority under Section 31 of the ‘I&B Code’. In present matter already approval of the Competition Commission of India has been taken to the ‘Resolution Plan’. The Appellant has no vested fundamental right to challenge the plan approved by the ‘Committee of Creditors’ - appeal dismissed being not maintainable.
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