The U.P. Glass Manufacturers Syndicate filed an intervention petition against the submission of resolution plans by Nirma Chemical Works Private Limited and AGI Greenpac Limited in the Corporate Insolvency Resolution Process (CIRP) of Hindusthan National Glass & Industries Limited. The applicant, an industry association representing small and medium-scale glass manufacturers, argued that the acquisition of the Corporate Debtor by Respondent No. 3 or 4 would likely attract section 5 of the Competition Act, 2002, potentially leading to an adverse effect on competition in the market. The applicant contended that the Resolution Plans submitted by Respondent Nos. 4 and 5 would also result in a combination within the meaning of section 5 of the Competition Act, 2002.
The U.P. Glass Manufacturers Syndicate, an industry association representing small and medium-scale glass manufacturers, filed an intervention petition against the resolution plans submitted by Nirma Chemical Works Private Limited (Respondent No. 3) and AGI Greenpac Limited (Respondent No. 4) in the CIRP of Hindusthan National Glass & Industries Limited (Corporate Debtor). The applicant argued that the acquisition of the Corporate Debtor by Respondent No. 3 or 4 would likely attract section 5 of the Competition Act, 2002, potentially leading to an adverse effect on competition, as Respondent No. 3 is the largest producer of Soda Ash in India with approximately 38% market share, and the Corporate Debtor is the largest glass manufacturer in India with an estimated
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The U.P. Glass Manufacturers Syndicate filed an intervention petition against the submission of resolution plans by Nirma Chemical Works Private Limited and AGI Greenpac Limited in the Corporate Insolvency Resolution Process (CIRP) of Hindusthan National Glass & Industries Limited. The applicant, an industry association representing small and medium-scale glass manufacturers, argued that the acquisition of the Corporate Debtor by Respondent No. 3 or 4 would likely attract section 5 of the Competition Act, 2002, potentially leading to an adverse effect on competition in the market. The applicant contended that the Resolution Plans submitted by Respondent Nos. 4 and 5 would also result in a combination within the meaning of section 5 of the Competition Act, 2002.
The U.P. Glass Manufacturers Syndicate, an industry association representing small and medium-scale glass manufacturers, filed an intervention petition against the resolution plans submitted by Nirma Chemical Works Private Limited (Respondent No. 3) and AGI Greenpac Limited (Respondent No. 4) in the CIRP of Hindusthan National Glass & Industries Limited (Corporate Debtor). The applicant argued that the acquisition of the Corporate Debtor by Respondent No. 3 or 4 would likely attract section 5 of the Competition Act, 2002, potentially leading to an adverse effect on competition, as Respondent No. 3 is the largest producer of Soda Ash in India with approximately 38% market share, and the Corporate Debtor is the largest glass manufacturer in India with an estimated
…The Adjudicating Authority admitted Hindusthan…
Hearing o…