Sequencing Merger Control In CIRP: Analysing Independent Sugar Corporation Ltd. V. Girish Sriram Juneja & Ors.
- IJLLR Journal
- Jul 29
- 1 min read
Vaishnavi R Patil, Symbiosis Law School Pune
ABSTRACT
The Supreme Court’s ruling in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja & Ors. (2025 INSC 124) marks a watershed moment in the harmonisation of India’s insolvency and competition regimes. Addressing the critical interpretive question surrounding the proviso to Section 31(4) of the Insolvency and Bankruptcy Code, 2016 (IBC), the Court held that in resolution plans involving combinations, obtaining prior approval from the Competition Commission of India (CCI) is a mandatory pre-condition to the Committee of Creditors' (CoC) vote. The majority ruling underscores the legislative intent behind the “prior approval” mandate, while rejecting purposive dilution of statutory language. It further interrogates procedural deficiencies in the CCI’s conduct and warns against the regulatory risks of post-facto and conditional merger clearances. This decision reinforces the primacy of ex-ante antitrust scrutiny in distressed M&A, recalibrating procedural discipline in CIRP, and offering clarity on merger control obligations within India’s insolvency architecture.
