New Delhi: Independent Sugar Corporation (INSCO), part of Uganda-based conglomerate Madhvani Group, is set to present an enhanced resolution plan for Hindusthan National Glass (HNG), India’s leading glass bottle manufacturer. According to a report in The Economic Times, the bidder plans to increase its offer by ?356 crore beyond its earlier proposal.
This move follows a Supreme Court directive that nullified a previously approved plan by AGI Greenpac. The court found that AGI’s proposal did not comply with the conditions laid out in the request for proposal — specifically, it lacked the necessary clearance from the Competition Commission of India (CCI) at the time of voting by the Committee of Creditors (CoC). Although AGI later secured conditional CCI approval, it was after the CoC had already voted.
Girish Juneja, the resolution professional supported by EY, is expected to present INSCO’s revised plan to the CoC after a thorough evaluation. Only INSCO’s plan will be put to vote, in line with the Supreme Court’s ruling.
The case mirrors rare instances like Bhushan Power and Steel, where a CoC-approved resolution was later overturned by the judiciary. The Supreme Court has instructed that the resolution process — including CoC approval of INSCO’s revised plan — be concluded by July 2025.
Earlier, AGI Greenpac, a prominent manufacturer of packaging products, has formally requested the Competition Commission of India (CCI) to revoke a “green channel” approval granted to Independent Sugar Corporation (INSCO). However, tThe Competition Commission of India (CCI) dismissed the complaint. The Commission added that the reference made by AGI was disposed of and no further communication in this regard would be entertained, said reports.
