NCLT Approves INSCO's ₹2,250 Cr Resolution Plan for Hindustan National Glass

The National Company Law Tribunal on Friday approved the revised resolution plan of ₹2,250 crore submitted by Uganda-based Independent Sugar Corporation Ltd (INSCO) for the acquisition of debt-ridden Hindustan National Glass & Industries Ltd.

With this order, the insolvency battle over the leading glass bottle manufacturer moves into its implementation phase, with INSCO set to take charge of operations and begin the revival process.

“We welcome the order. It reinforces the principle that commercial wisdom of CoC is paramount, with judicial review confined to legality and compliance. The NCLT order clears the way for the Madhvani Group’s strategic entry into Indian manufacturing via HNGIL,” an INSCO spokesperson said in a statement.

The ₹2,250 crore resolution plan — comprising ₹1,900 crore in upfront cash and equity valued at around ₹350 crore — was submitted on June 8, 2025, in compliance with the Supreme Court directive to match an earlier bid by AGI Greenpac.

The Committee of Creditors (CoC) cleared the proposal with 96.16% voting share, issuing a Letter of Intent on June 14 that was unconditionally accepted by INSCO.

Under the plan, the cash component will be paid within 30 days of NCLT approval, alongside infusion of working capital and equity issuance to CoC members within 90 days. INSCO has also budgeted around ₹1,000 crore for capital expenditure to rebuild furnaces and equipment over the coming years.

The Kolkata-bench of the tribunal, upholding the CoC’s 'commercial wisdom', declared INSCO the successful resolution applicant and made the plan binding on all stakeholders under Section 31 of the Insolvency and Bankruptcy Code.

The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional directed to hand over control to INSCO.

Last month, the Competition Commission of India (CCI) dismissed the objections raised by AGI Greenpac Ltd regarding the green channel approval granted to INSCO for the proposed acquisition of HNG.

According to the CCI's order dated July 15, 2025, the notice filed by INSCO on September 30, 2022, under Section 6(2) of the Competition Act, 2002, was found to be in compliance with relevant provisions.

Initially, AGI Greenpac was the front runner for HGIL, with a bid of ₹2,752 crore. However, the Supreme Court in January 2025 rejected the bid on the ground that the company did not have a CCI approval for the acquisition.

INSCO had moved the court seeking the cancellation of AGI Greepac's bid since the company had not received CCI approval.

While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac.