Nbcc (India) Limited, New Delhi
Case brief
What is this about?
Annexure submitted by NBCC (India) Limited seeking approval from the Competition Commission of India for a combination with Jaypee Infratech Limited under the Competition Act, 2002 and IBC, 2016, to comply with statutory requirements before NCLT approval.
What did the court decide?
Application for approval under section 5 of the Competition Act, 2002.
What the court decided
ANNEXURE-V
SUMMARY UNDER REGULATION 13 (lB)
a. NAME OF THE PARTIES TO THE COMBINATION
- ~ NBCC (India) Limited
- ~ jaypee Infratech Limited aIL)
h. THE TYPE OF THE COMBINATION
The combination of NBCC (India) Limited and jaypee Infratech Limited falls under section 5(a) of the Competition Ac~ 2002 i.e. Acquisition of control, shares, voting rights of assets of another enterprise.
Expression of Interest for jaypee Infratech Limited was invited under Regulation 36A(1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 dated 25.10.2018. In line with the same, NBCC submitted EOI on 09.11.2018. Provisional List of Prospective Resolution Application (RA's) was issued on - 19.11.2018. With the last date of submission of Objection to the Provisional Liston 24.11.2018, Final List of Prospective Resolution Applications (RA's) would be issued on 04.12.2018.
Post the issuance of Final List; NBCC has to submit Resolution Plan within the timelines of EOI by 05.01.2018. After the submission of Resolution Plan, Voting by CoC will take place, and if approved by 66% of the voting share of Coc, the resolution plan shall be put up to NCLT for approval. Estimated date for submission before NCLT - 21.01.2019.
Issues for consideration
3 issues framed by the court
Whether NBCC (India) Limited requires approval of the Competition Commission of India under section 5 of the Competition Act, 2002 prior to the approval of its resolution plan for Jaypee Infratech Lim
How section 31 of the Insolvency and Bankruptcy Code interacts with Competition Act requirements when a resolution plan involves a combination.
The nature of the relevant market in a combination between NBCC and Jaypee Infratech Limited involving real estate development services.
Case details
As recorded by the court registry
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