The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to stay an NCLT's order approving the resolution plan of Hindusthan National Glass & Industries Ltd (HNG), even as it admitted a batch of appeals challenging the plan.
Last month, the Kolkata bench of the National Company Law Tribunal (NCLT) had approved a resolution plan submitted by Independent Sugar Corporation Ltd following directions of the Supreme Court issued in January and May, 2025.
The resolution plan has been contested by AGI Greenpac Ltd, erstwhile promoter Mukul Somany, dissenting financial creditor Exclusive Capital Ltd and operational creditor Soneko.
However, counsel for the CoC submitted that the approval of the resolution plan is consequent to the two directions of the Supreme Court dated January 29, 2025 and May 16, 2025.
A two-member NCLAT bench headed by chairperson Justice Ashok Bhushan and technical member Barun Mitra issued notices to the respondents, asking them to file replies within three weeks.
Rejoinders may be filed within a week thereafter. The appeals will be heard together on October 9, 2025, NCLAT said in its order.
The tribunal clarified that while the appeals are pending, the successful resolution applicant will remain bound by its obligations under the approved plan, with all actions subject to the outcome of the appeals.
"We respect the proceedings before the NCLAT and will continue to abide by all directions of the courts. INSCO remains committed to implementing the approved resolution plan in the interest of all stakeholders," INSCO spokesperson said after the order.
In the absence of any interim relief, the resolution plan implementation remains in progress. Following the NCLT's approval of the Rs 2,200 crore resolution plan, the formal acquisition process of HNG is now underway.
The Monitoring (Transition) Phase, which spans 45 days from the date of approval, is currently in progress.
On August 14, 2025, the NCLT approved the resolution plan submitted by Independent Sugar Corporation Ltd (INSCO) for the revival of HNG.
On June 13, 2025, the Committee of Creditors (CoC) approved the plan with an overwhelming 96.16 per cent majority.
According to the NCLT order, the plan involves a total investment of Rs 2,250 crore, comprising Rs 1,900 crore in upfront cash, Rs 350 crore deferred over 3 years to CoC and 5 per cent equity to creditors.
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