The case involves multiple Interlocutory Applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Hindusthan National Glass & Industries Limited. The CIRP was initiated following an order dated 21 October 2021. Independent Sugar Corporation Limited filed I.A. (IB) No. 1497/KB/2022 seeking the rejection of the Resolution Plan submitted by AGI Greenpac Limited, arguing that AGI Greenpac failed to obtain mandatory approval from the Competition Commission of India (CCI) before the plan's consideration. AGI Greenpac and the Resolution Professional filed subsequent IAs to bring the CCI approval on record. The Workers' Union also raised objections to the Resolution Plan.
1. Hindusthan National Glass & Industries Limited was admitted into CIRP on 21 October 2021.
2. Independent Sugar Corporation Limited (ISCL) filed I.A. (IB) No. 1497/KB/2022 seeking rejection of AGI Greenpac's Resolution Plan due to lack of CCI approval.
3. ISCL argued that AGI Greenpac failed to obtain mandatory CCI approval before the Resolution Plan was considered by the Adjudicating Authority, violating Section 31(4) of the IBC.
4. AGI Greenpac submitted a Resolution Plan and obtained CCI approval on 15 March 2023, subject to certain modifications.
5. The Resolution Professional brought the CCI approval on record through subsequent IAs.
6. Workers' Union raised objections to AGI Greenpac's Resolution Plan, citing contravention of Section 31(4) of the IBC and
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Hindusthan National Glass & Industries…
Request For Resolution…
The case involves multiple Interlocutory Applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Hindusthan National Glass & Industries Limited. The CIRP was initiated following an order dated 21 October 2021. Independent Sugar Corporation Limited filed I.A. (IB) No. 1497/KB/2022 seeking the rejection of the Resolution Plan submitted by AGI Greenpac Limited, arguing that AGI Greenpac failed to obtain mandatory approval from the Competition Commission of India (CCI) before the plan's consideration. AGI Greenpac and the Resolution Professional filed subsequent IAs to bring the CCI approval on record. The Workers' Union also raised objections to the Resolution Plan.
1. Hindusthan National Glass & Industries Limited was admitted into CIRP on 21 October 2021.
2. Independent Sugar Corporation Limited (ISCL) filed I.A. (IB) No. 1497/KB/2022 seeking rejection of AGI Greenpac's Resolution Plan due to lack of CCI approval.
3. ISCL argued that AGI Greenpac failed to obtain mandatory CCI approval before the Resolution Plan was considered by the Adjudicating Authority, violating Section 31(4) of the IBC.
4. AGI Greenpac submitted a Resolution Plan and obtained CCI approval on 15 March 2023, subject to certain modifications.
5. The Resolution Professional brought the CCI approval on record through subsequent IAs.
6. Workers' Union raised objections to AGI Greenpac's Resolution Plan, citing contravention of Section 31(4) of the IBC and
Hindusthan National Glass & Industries…
Request For Resolution…