The case involves statutory appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC), against a judgment dated 18.09.2023 passed by the National Company Law Appellate Tribunal (NCLAT). The appeals pertain to the Corporate Insolvency Resolution Process (CIRP) of Hindustan National Glass and Industries Ltd. (HNGIL) and the approval accorded to the combination between HNGIL and AGI Greenpac. The CIRP was initiated against HNGIL by DBS Bank under Section 7 of the IBC. The Adjudicating Authority, National Company Law Tribunal (Kolkata Bench), admitted the matter on 21.10.2021. An Expression of Interest was floated on 25.03.2022. Both INSCO and AGI Greenpac submitted their respective Resolution Plans in April 2022. On 27.09.2022, AGI Greenpac submitted an
…Hindustan National Glass and Industries Ltd. (HNGIL), a corporate debtor in the glass packaging industry, underwent a Corporate Insolvency Resolution Process (CIRP) initiated by DBS Bank. Independent Sugar Corporation Ltd. (INSCO) and AGI Greenpac Ltd. were prospective resolution applicants. The Expression of Interest (EOI) mandated Competition Commission of India (CCI) approval before the Committee of Creditors (CoC) approved the resolution plan. INSCO obtained green channel approval from CCI. AGI Greenpac's initial CCI application was rejected. The CoC approved AGI Greenpac's resolution plan with 98% votes, despite INSCO's objections regarding the lack of CCI approval. AGI Greenpac later submitted a detailed application to CCI, and CCI approved the combination
…Sign in to view the parties.
National Company Law…
Expression of…
The case involves statutory appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC), against a judgment dated 18.09.2023 passed by the National Company Law Appellate Tribunal (NCLAT). The appeals pertain to the Corporate Insolvency Resolution Process (CIRP) of Hindustan National Glass and Industries Ltd. (HNGIL) and the approval accorded to the combination between HNGIL and AGI Greenpac. The CIRP was initiated against HNGIL by DBS Bank under Section 7 of the IBC. The Adjudicating Authority, National Company Law Tribunal (Kolkata Bench), admitted the matter on 21.10.2021. An Expression of Interest was floated on 25.03.2022. Both INSCO and AGI Greenpac submitted their respective Resolution Plans in April 2022. On 27.09.2022, AGI Greenpac submitted an
…Hindustan National Glass and Industries Ltd. (HNGIL), a corporate debtor in the glass packaging industry, underwent a Corporate Insolvency Resolution Process (CIRP) initiated by DBS Bank. Independent Sugar Corporation Ltd. (INSCO) and AGI Greenpac Ltd. were prospective resolution applicants. The Expression of Interest (EOI) mandated Competition Commission of India (CCI) approval before the Committee of Creditors (CoC) approved the resolution plan. INSCO obtained green channel approval from CCI. AGI Greenpac's initial CCI application was rejected. The CoC approved AGI Greenpac's resolution plan with 98% votes, despite INSCO's objections regarding the lack of CCI approval. AGI Greenpac later submitted a detailed application to CCI, and CCI approved the combination
…National Company Law…
Expression of…