Delhi HC order paves way for Hindusthan Glass acquisition process

This high court order assumes significance since it has removed the legal uncertainty surrounding the matter while allowing the Committee of Creditors (CoC) to proceed with INSCO’s resolution plan, which was recognised as the successful bid following a Supreme Court ruling in January 2025.

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26 Aug, 2025 12:21

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A Delhi High Court order passed earlier this month has provided clarity in the ongoing insolvency proceeding of Hindusthan National Glass & Industries (HNGIL), boosting the proposed resolution plan by Independent Sugar Corporation’s (INSCO), one of the two entities in the fray to acquire the company.

The high court order has removed the legal uncertainty surrounding the matter, while allowing the Committee of Creditors (CoC) to proceed with INSCO’s resolution plan, which was recognised as the successful bid following a Supreme Court ruling in January 2025.

HNGIL, India’s largest container glass manufacturer, had entered the corporate insolvency process in October 2021. Apart from INSCO, AGI Greenpac, a listed entity with a market capitalisation of nearly Rs 4,600 crore had also submitted a bid to acquire the HNGIL.

The matter has seen its share of legal challenges and appeals ever since the National Company Law Appellate Tribunal (NCLAT) upheld the AGI Greenpac-led resolution plan in September 2023.

Thereafter, INSCO challenged the approval before the Supreme Court, arguing that CoC approved AGI Greenpac’s plan without obtaining the mandatory prior approval from the Competition Commission of India (CCI), a statutory requirement under the Insolvency and Bankruptcy Code (IBC).

In January this year, the apex court quashed AGI Greenpac’s resolution plan for failing to meet regulatory requirements. It also reversed the NCLAT order that had upheld AGI’s plan and directed the CoC to reconsider resolution plans, ensuring full compliance with competition law.

The matter also saw the trade union representing workers of Hindusthan National Glass writing to CCI, alleging that the competition regulator’s action in the matter related to the acquisition of the company undermined a Supreme Court judgement in a related case.

AGI Greenpac had also filed a review petition before the Supreme Court, challenging the judgment by the apex court that had quashed its resolution plan to acquire Hindusthan Glass.