Proviso to S. 31(4) IBC mandatory in nature; Breakdown of SC’s 2:1 verdict holding AGI Greenpac’s Resolution Plan for HNGIL unsustainable
“Legislative intent behind inserting the proviso to Section 31(4) of the IBC would suggest that prior approval of the CCI was specifically mandated and it should not be seen as a flexible provision to be ignored in certain exigencies.”
