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Saraf and Partners successfully represented AGI Greenpac Limited and obtained a landmark order before the Hon’ble National Company Law Appellate Tribunal, New Delhi (NCLAT).
The matter was in relation to the Hon’ble Competition Commission of India’s (CCI’s) approval of the proposed acquisition by AGI Greenpac Limited of 100% shareholding of Hindusthan National Glass & Industries Limited, which is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The competition law team of Saraf and Partners had also assisted AGI Greenpac Limited before the Hon’ble CCI in seeking the regulators approval.
The matter is the first instance wherein an approval order passed by the CCI involving the CIRP of the target entity has been challenged before the Hon’ble NCLAT. The Hon’ble NCLAT, dismissing all the four appeals challenging the CCI’s approval order, observed that there are no merits in the grounds and that there is no procedural infirmity in the CCI’s order. Furthermore, this is a landmark judgment on Section 29 of the Competition Act, 2002 wherein for the first time, the interplay between Phase I and Phase II investigation has been examined by the Hon’ble NCLAT. It has been held that there are two separate prima facie opinions under Section 29(1) and Section 29(2) of the Act, and that it is not mandatory for a Phase II investigation to be initiated where no second prima facie opinion is formed by the CCI. It has also been held that rights of participation of general public arises only under Section 29(2) when a Phase II investigation is commenced, and not before that.
The team comprised of Sanjeev Kumar (Senior Partner), Akshayy S Nanda (Partner), Neha Mishra (Partner Designate), Sanya Sud (Principal Associate), Vaishali Goyal (Senior Associate), Aditye Arora, Praniti Ganjoo, Threcy Lawrence and Vaishnavi Bansal (Associates).
