NCLAT recognises AGI Greenpac’s acquisition of HNG

In a momentous legal judgment, the National Company Law Appellate Tribunal (NCLAT), Delhi has delivered its decision regarding the contentious insolvency case concerning Hindustan National Glass. The NCLAT has upheld the entire insolvency resolution process meticulously followed by the resolution professional and endorsed by the Committee of Creditors (COC).

21 Sep 2023 | By PrintWeek Team

Hindustan National Glass Insolvency: NCLAT validates process led by resolution professional and COC

This landmark ruling follows a series of appeals brought before the NCLAT by various parties, with Independent Sugar Corporation and others being among the appellants. 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.

In a decisive move, 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 substantial legal victory, marking a crucial step in resolving the Hindustan National Glass insolvency case. It assures that the due process was followed diligently and that the interests of all stakeholders involved were duly considered and upheld. 

This ruling carries significant implications not only for the Hindustan National Glass case but also for the broader landscape of corporate insolvency proceedings in India, setting a precedent for adherence to established procedures and transparency in such matters.

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