Steno NCLT Exams Dictation No. 478

Company Appeal (Insolvency) No. 533 of 2020. It is well settled principle in law that when a statutory provision sets out a particular procedure to be followed, it should be done in that particular manner and that failure to do so, shall result in a nullity of the act and that the failure to obtain prior approval, results in a nullity in the acts of the Resolution Professional and the Committee of Creditors for short CoC. Since obtaining the permission of the Competition Commission of India for short CCI is a condition precedent which has not been fulfilled, therefore, approving of the Plan by the CoC is in contravention of the provisions of the Code. As such, the final approval by the Adjudicating Authority of Carval's Resolution Plan on 30.04.2020 and 06.05.2020 is contrary to the Code and requires to be immediately set aside on the ground alone.