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Informist, Tuesday, Sept. 2, 2025

 

NEW DELHI – The National Company Law Appellate Tribunal on Tuesday refused to stay a National Company Law Tribunal's Kolkata bench order to approve Independent Sugar Corp. Ltd.'s INR-22.50-billion resolution plan for debt-ridden Hindustan National Glass & Industries Ltd. It was hearing pleas challenging Independent Sugar Corp.'s plan for Hindustan National Glass. The appellate tribunal noted that the successful resolution applicant Independent Sugar Corp. shall not be absolved of its obligation in terms of the Kolkata tribunal's order.

 

The appellate tribunal issued notices to the resolution professional, committee of creditors of Hindustan National Glass on pleas by the latter's previous successful resolution applicant AGI Greenpac Ltd., some of the operational creditors, members of the lenders' panel and workers. The petitioners have challenged the Kolkata tribunal's August order to approve Independent Sugar Corp.'s resolution plan for Hindustan National Glass. The appellate tribunal will hear these petitions next on Oct. 9.

 

In 2021, the Kolkata bench of the National Company Law Tribunal had admitted a petition by DBS Bank to start insolvency proceedings against Hindustan National Glass & Industries. Two resolution applicants--Independent Sugar and AGI Greenpac--submitted their resolution plans in April 2022. On Oct. 28, 2022, the committee of creditors had approved AGI Greenpac's resolution plan with 98% votes in its favour despite no prior approval from the competition watchdog. 

 

When the case reached the apex court, the latter in February rejected AGI Greenpac's resolution plan, calling it unsustainable as it had not taken the requisite approval of the Competition Commission of India, which was mandatory before the committee of creditors could approve a resolution plan. The top court said the committee of creditors should reconsider the resolution plan that had got the Competition Commission of India's approval as of Oct. 28, 2022.

 

After the reconsideration, both the committee of creditors and the Kolkata tribunal approved Independent Sugar Corp.'s resolution plan for Hindustan National Glass.     

 

At 1151 IST, the shares of AGI Greenpac Ltd. were up 2.1% at INR 893.10 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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