AGI Greenpac's acquisition of Hindustan National Glass

The National Company Law Appellate Tribunal (NCLAT), Delhi has upheld the entire insolvency resolution process decision regarding the contentious case concerning Hindustan National Glass. The NCLAT has rejected Independent Sugar Corp’s plea against CCI's approval of AGI Greenpac acquisition of Hindustan National Glass. A report by Disha Chakraborty

25 Sep 2023 | By Disha Chakraborty

Hindustan National Glass Insolvency: NCLAT validates process, AGI Greenpac's acquisition of HNG validated

Hindustan National Glass, has been facing an insolvency crisis. The insolvency resolution process started in June 2022 and fetched around Rs 2,000 crore in HNG’s pocket. The problem was noticed after the Committee of Creditors (CoC) selected a large bidder that lacked Competition Commission of India (CCI) approval.

The complaint states that a combination of HNG and one of the current bidders will have a combined market share of more than 60%  in the container glass industry which violates competition law. Independent Sugar Corporation (INSCO) and AGI Greenpac are the two bidders.

The NCLAT in Delhi has upheld the insolvency resolution process decision regarding the contentious case concerning Hindustan National Glass.  

This landmark ruling follows a series of appeals brought before the NCLAT by various parties. Their appeals contested the procedural fairness and legality of the insolvency resolution process concerning Hindustan National Glass, including concerns regarding AGI Greenpac, which is in the race to acquire the company.
 
Justice Ashok Bhushan, who presides over the NCLAT, delivered the order that reinforces the integrity and legitimacy of the entire process. The NCLAT's decision signifies a legal victory, a crucial step in the resolution of the Hindustan National Glass insolvency case.

As per a market watcher, with the acquisition of HNG and the gestation period, AGI Greenpac will become the largest company in India, and among the top five players  globally (size wise). Today, the company which is engaged in the production of packaging products has a market cap  of Rs 4,786-crore.
 

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