AGI Greenpac seeks review of SC order quashing its resolution plan for Hindusthan National Glass

AGI Greenpac has also filed an interlocutory application before the National Company Law Tribunal (NCLT), Kolkata Bench

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26 Aug, 2025 12:21

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AGI Greenpac has filed a review petition before the Supreme Court, challenging a judgment by the apex court that had quashed its resolution plan to acquire Hindusthan National Glass, a company undergoing corporate insolvency.

“...after consultation with our legal advisors, we have filed a review petition before the Hon’ble Supreme Court on February 11, 2025, against the findings of the Judgment,” a stock exchange filing by AGI Greenpac said.

Kolkata-based AGI Greenpac makes packaging products like glass containers, specialty glass and PET bottles. The container glass manufacturer is seeking relief against the apex court's judgment that had nullified its proposed resolution plan. The company is also seeking a stay on the Committee of Creditors' (CoC) future actions, in order to maintain its position in the resolution process.

AGI Greenpac has also filed an interlocutory application before the National Company Law Tribunal (NCLT), Kolkata Bench, in an effort to prevent the CoC and Resolution Professional of Hindusthan National Glass from taking any further actions until the Supreme Court rules on the review petition.

Also Read: AGI Greenpac drops 19% as SC rejects Hindusthan National Glass resolution plan

Corporate Insolvency Timeline

Hindustan National Glass had filed for corporate insolvency in October 2021. Subsequently, two bidders - AGI Greenpac and Independent Sugar Corp (INSCO) - had entered the fray, with a bid value pegged at around Rs 2,200 crore for the company.

In September 2023, The National Company Law Appellate Tribunal (NCLAT) had upheld the approval of AGI Greenpac’s resolution plan for HNGIL.

This decision by challenged by INSCO, the other bidder, who approached the Supreme Court and argued that AGI Greenpac’s resolution for HNGIL was approved by the CoC without obtaining prior approval from the Competition Commission of India (CCI), a statutory requirement under Section 31(4) of the Insolvency and Bankruptcy Code (IBC).

Also Read: Be transparent on actions related to Hindusthan National Glass insolvency matter, trade union tells CCI

Thereafter, on January 29, 2025, the Supreme Court delivered a judgment, quashing AGI Greenpac’s resolution plan citing failure to obtain competition regulator's prior approval.

“The CCI granted approval based on factually incorrect and misleading data, provided by AGI Greenpac… The plan creates an unfeasible sequence, as the divestment depends on the Resolution Plan’s implementation, which itself requires prior CCI approval, leading to unfeasible complications, which should have been avoided by the NCLAT,” the apex court's order said.

Meanwhile, the trade union of Hindustan National Glass have written to the Committee of Creditors (CoC) on February 1, demanding immediate compliance with the Supreme Court’s ruling of January 29.

Independent Sugar Corporation (INSCO) too has requested for an immediate response from the CoC, to initiate dialogue and implement the Supreme Court’s decision.