Twin Star Technologies Limited
Case brief
What is this about?
The Competition Commission of India assessed a proposed combination under the Insolvency and Bankruptcy Code where an Acquirer would hold 90% of a target group via a resolution plan. Finding minimal market shares in the oil and gas sector governed by a Production Sharing Contract, the Commission concluded the transaction would not raise competition concerns and passed the notice under Section 31(1
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2020/11/786)
8th December 2020
Notice under Section 6(2) of the Competition Act, 2002 filed by Twin Star Technologies Limited
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 9th November 2020, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), filed by Twin Star Technologies Limited ( Twin Star/ Acquirer ). The Notice is filed pursuant to Resolution Plan dated 7th November 2020 submitted by the Acquirer under the Corporate Insolvency Resolution Process ( CIRP ) of the Target Companies, defined hereinafter in paragraph 5, under the Insolvency and Bankruptcy Code, 2016 ( IBC ).
Issues for consideration
3 issues framed by the court
Whether the proposed combination involving acquisition of target companies by the Acquirer is likely to have an appreciable adverse effect on competition in India.
Whether the notice filed by one entity in the group while acquisition is undertaken by another group entity is compliant with the Act and Regulations.
How to assess horizontal and vertical overlaps in the oil and gas sector governed by a Production Sharing Contract.
Parties & counsel
- applicant
Twin Star Technologies Limited
- respondent
Videocon Industries Limited
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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