Mukul Somany & Anr & Ors vs Girish Siriram Juneja & Ors

IN THE MATTER OF: Mukul Somany & Anr. ...Appellants

Versus

Girish Sriram Juneja & Ors. ...Respondents

Present:

For Appellants : Mr. Niranjan Reddy, Sr. Adv. & Mr. Raghenth Basant, Sr. Advocates with Ms. Sonali Jain, Mr. Mudit Gupta, Ms. Hima Bharadwaj, Advocates For Respondents : Mr. Krishnendu Datta, Sr. Advocate with Mr. Vikram Wadehra, Ms. Smriti Churiwal, Ms. Vidisha Jain, Ms. Alina Merlin Mathew, Mr. Vishesh Kalara, Mr. Jaiveer Kant, Advocates for R-1. Mr. Arun Kathpalia, Sr. Advocate with Mr. Siddhant Kant, Mr. Soummo Biswas, Mr. Gayathri Balasubramanian, Mr. Amandeep, Advocates for CoC (intervener) /R-2 (HNG Workers Union). Mr. Ritin Rai, Sr. Advocate with Mr. Rishav Banerjee, Mr. Utsav Trivedi, Ms. Manini Roy, Ms. Nandini Acharya, Ms. Unnati Agrawal, Ms. Nikita Agrawal, Mr. Swapnil Singh, Mr. Hrishav Kumar, Advocates for R3/ INSCO. Mr. Yadunath Bhargavan, Mr. Akshay Chandra, Advocates for intervenor

JUDGMENT

ASHOK BHUSHAN, J.

IA No.297 of 2026 has been filed by the Appellant making following

prayers:

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 1 "a) Permit the Appellants to place on record additional documents marked as Annexure A to F;

b) pass such other and further order( s) as this Hon'ble Court may deem fit and proper in the facts and circumstances of the case."

2. The application has been filed in Company Appeal (AT) (Ins.) No.

1342 of 2025 filed by the Appellant challenging the order dated

14.08.2025 passed by National Company Law Tribunal, Division Bench

(Special), Court No.III, Kolkata allowing IA(IB) (Plan) No.16/KB/2025 by

approving Resolution Plan submitted by Independent Sugar Corporation

Ltd. (Respondent No.3 herein). It is necessary to notice brief background

of the facts giving rise to the Appeal to consider the prayers made in IA

No.297 of 2026:

(i) Corporate Insolvency Resolution Process ("CIRP") against the

Hindusthan National Glass & Industries Ltd. ("HNG") - the

Corporate Debtor ("CD") commenced by order of the

Adjudicating Authority dated 21.10.2021.

(ii) In the CIRP of the CD, Resolution Plans were submitted by

AGI Greenpac Ltd. ("AGI Greenpac") and Independent Sugar

Corporation Ltd. ("Independent Sugar Corporation") Both

the Resolution Plan of AGI Greenpac and Independent Sugar

Corporation came to be considered in the Meeting of the CoC

dated 28.10.2022 and the Resolution Plan submitted by AGI

Greenpac was approved, on account of having secured

majority of votes. On an application submitted by AGI

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 2 Greenpac the Competition Commission of India ("CCI") has

also granted approval to the combination vide order dated

15.03.2023.

(iii) The Adjudicating Authority vide order dated 28.04.2023

approved the Resolution Plan of AGI Greenpac.

(iv) Appeal(s) were filed in this Tribunal challenging the order

dated 28.04.2023, which Appeal(s) were dismissed on

18.09.2023 approving the Resolution Plan of AGI Greenpac.

Against which order Appeals were filed before the Hon'ble

Supreme Court by Independent Sugar Corporation and other

parties. The Hon'ble Supreme Court vide order dated

29.01.2025 in Civil Appeal No.6071 of 2025 filed by

Independent Sugar Corporation allowed the Appeal and set

aside the order dated 18.09.2023 of this Tribunal. The

Hon'ble Supreme Court held that CCI approval having been

obtained subsequent to the approval of Plan by the CoC,

there is breach of Section 31 sub-section (4) of the IBC and

the order of the Adjudicating Authority and this Tribunal

approving the Resolution Plan of AGI Greenpack, cannot be

upheld. In Paragraph 155.3 of the judgment, the Hon'ble

Supreme Court directed consideration of the Plan of

Independent Sugar Corporation as on 28.10.2022.

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 3

(v) Pursuant to the order of the Hon'ble Supreme Court, the

Resolution Plan submitted by Independent Sugar Corporation

was approved by the CoC on 04.02.2025. The RP filed an

application for approval of the Plan, which was allowed by the

Adjudicating Authority vide order dated 14.08.2025 and

Resolution Plan submitted by Independent Sugar Corporation

was approved. Challenging the said order dated 14.08.2025,

this Appeal has been filed by the Appellant, who were

Promoters of the CD.

3. IA No.297 of 2026 has been filed by the Appellant praying to accept

the documents at Annexures 'A' to 'F' filed with the application along with

record.

4. We have heard learned Counsel for the Applicant/ Appellant in

support of the IA as well as learned Counsel appearing for the

Respondents.

5. Learned Counsel for the Applicant/Appellant submits that for

approval of Resolution Plan under Section 31 sub-section (4), prior

approval of CCI is required when there is combination. It is submitted

that the Independent Sugar Corporation, who is Respondent No.3 had

obtained deemed approval from CCI from green channel route, which was

claimed by the Independent Sugar Corporation as a prior approval and

relying on the said deemed approval, the Resolution Plan of Independent

Sugar Corporation Ltd. has been approved, whereas the deemed approval

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 4 obtained by Independent Sugar Corporation was not in accordance with

the provisions of the Competition Commission of India Act, 2002 and the

Regulations namely - CCI (Procedure in regard to the transaction of

business relating to combinations) Regulations, 2011 (hereinafter referred

to as "CCI Regulations 2011"). It is submitted that from the disclosure

made on 18.09.2025 under the SEBI Disclosure Regulations, the

Appellant came to know various facts. It is submitted that approval for

obtaining by green channel was not based on correct facts and the

deemed approval by CCI obtained by Independent Sugar Corporation

under the green channel being not in accordance with law is void and

hence, the Appellant be permitted to bring the said materials on record,

which subsequently came to the knowledge of the Appellant, for

adjudication of the Appeal. Learned Counsel for the Appellant submits

that after coming to know about the aforesaid fact, a complaint has been

filed on behalf of the Appellant on 16.08.2025 to the CCI, in which

complaint the CCI was requested to take immediate action with respect to

deemed approval of green channel obtained by Independent Sugar

Corporation on the basis of combination notice filed by Independent

Sugar Corporation on 30.09.2022. It is submitted that no action having

been taken in the complaint filed on behalf of the Appellant, a Writ

Petition was filed in the Delhi High Court, being Writ Petition No.13250 of

2025, praying for following reliefs:

"a. Issue a writ of or in the nature of certiorari or any other appropriate writ, order or direction calling upon the Respondent

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 5 No. 1 to initiate investigation against Respondent No. 2 for its failure to give notice to the Respondent No. 1 with respect to the combination (C-2022/10/974 dated 30.09.2022) between Respondent Nos. 2 and 3 and impose penalty against Respondent No. 2;

b. Issue a writ of or in the nature of certiorari or any other appropriate writ, order or direction calling upon the Respondent No. 1 to declare that the unilateral notice filed by Respondent No. 2 i.e., Combination Registration C-2022/09/974 dated 30.09.2022 is invalid; and

Pass any order or further order(s) as this Hon'ble Court may deem fit and proper in the facts and circumstances of the case."

6. It is submitted that the Writ Petition is still pending where

arguments are being heard.

7. Learned Counsel appearing for the Independent Sugar Corporation

opposing the submissions of the Appellant submits that the documents,

which are sought to be brough on record, cannot be accepted. The

Appellant is trying to raise an issue which is not germane to the Appeal,

the Appeal having been filed against the order passed by Adjudicating

Authority dated 14.08.2025 approving the Resolution Plan under Section

31 of the IBC. The deemed approval under green channel was obtained

by Independent Sugar Corporation by notice of combination dated

30.09.2022 and the status of deemed approval is reflected on the website

of the CCI, which was submitted before the Adjudicating Authority and

the deemed approval of the CCI being much prior to approval of the Plan

of the Independent Sugar Corporation by the Adjudicating Authority, the

said cannot be allowed to be questioned by the Appellant. The Appellant,

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 6 who are Promoters of the CD making one after another effort to delay the

resolution of the CD. The Appellant having already filed Writ Petition in

the High Court and pursuing the remedy, which is the own case of the

Appellant as has been claimed in Paragraph-1 of the application itself.

The application needs to be rejected.

8. Learned Counsel for the CoC also submitted that the additional

documents sought to be filed in the Appeal along with the application

need not be accepted. The issue of deemed approval is with the CCI and

is not the subject matter of this Appeal and the Appellant having already

been approached the CCI as well as the High Court, the said issue cannot

be allowed to be considered.

9. We have considered the submissions of learned Counsel for the

parties and perused the record.

10. In Paragraph-1 of the application, the Appellant has made following

submissions:

"1. The instant application is being filed to place on record documents suppressed by Respondent No.3 throughout the proceedings before the Adjudicating Authority. Pursuant to discovery of the suppressed documents, the Appellants approached the appropriate authorities, seeking adjudication of the said documents. Pleading pertaining to the said proceedings are also being placed on record by way of the instant application."

11. The Independent Sugar Corporation has submitted notice for

combination to the CCI under the green channel and the deemed approval

was granted under the green channel, which status is reflected on the

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 7 website of the CCI. The Independent Sugar Corporation has submitted

notice in Form-1 on 30.09.2022 and same is deemed approved by the

CCI. Learned Counsel for the Appellant has relied on Regulation 5A of

CCI Regulations 2011, which is as follows:

"5A. Notice for approval of combinations under Green Channel.-

(1) For the category of combination mentioned in Schedule III, the parties to such combination may, at their option, give notice in Form I pursuant to regulation 5 along with the declaration specified in Schedule IV.

(2) Upon filing of a notice under sub-regulation (1) and acknowledgement thereof, the proposed combination shall be deemed to have been approved by the Commission under sub-

section (1) of section 31 of the Act:

Provided that where the Commission finds that the combination does not fall under Schedule III and/or the declaration filed pursuant to sub-regulation (1) is incorrect, the notice given and the approval granted under this regulation shall be void ab initio and the Commission shall deal with the combination in accordance with the provisions contained in the Act:

Provided further that the Commission shall give to the parties to the combination an opportunity of being heard before arriving at a finding that the combination does not fall under Schedule III and/or the declaration filed pursuant to sub-regulation (1) is incorrect."

12. The Appellant's case is that the Appellant has also filed a complaint

to the CCI on 16.08.2025 raising objection to the notice of combination

submitted by Independent Sugar Corporation. The relevant facts have

been placed before the CCI, where it has been submitted that application,

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 8 which was submitted by Independent Sugar Corporation was not in

accordance with the CCI Act and the CCI Regulations 2011 and there was

suppression of relevant facts in the application. After filing of the

complaint, when the CCI did not take any action, a Writ Petition has been

filed in the Delhi High Court with the prayers as quoted above in this

judgment. Learned Counsel for the parties submitted that the Writ

Petition filed by the Appellant before the Dehi High Court is pending

consideration.

13. When we look into the Regulation 5A of the CCI Regulations 2011

as relied by the Appellant, the provision itself contemplate that upon filing

of a notice under sub-regulation (1) and acknowledgement thereof, the

proposed combination shall be deemed to have been approved by the CCI.

Where the CCI finds that the combination does not fall under Schedule III

and/or the declaration filed pursuant to sub-regulation (1) is incorrect,

the notice given and the approval granted under this regulation shall be

void ab initio and the Commission shall deal with the combination in

accordance with the provisions contained in the Act. The Forum for

examining the combination, which has been deemed to be approved is the

CCI. The issue which is sought to be raised in this application, cannot be

gone into and decided in this Appeal, which has been filed challenging the

order approving the Resolution Plan of the Successful Resolution

Applicant. The Appellant having already filed a complaint before the CCI

and also pursuing the Writ Petition in the Delhi High Court praying for

quashing the deemed approval granted by the CCI, we are of the view that

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 9 neither the said issue can be gone into in this application, nor the

additional documents, which are sought to be brought on record by this

application can be accepted.

14. We, thus, are of the view that prayers made in the application

cannot be accepted. IA No.297 of 2026 is rejected.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

NEW DELHI

30th January, 2026

Ashwani

I.A. No. 297 of 2026 in Company Appeal (AT) (Ins.) No. 1342 of 2025 10