INSCO Triumphs: NCLT Approves Acquisition of Hindustan National Glass

The National Company Law Tribunal has approved INSCO’s Rs 2,752 crore resolution plan to acquire Hindustan National Glass & Industries Ltd. This approval marks the start of INSCO’s revival efforts of the debt-laden company, following a high-stakes legal battle involving AGI Greenpac and regulatory hurdles.

The National Company Law Tribunal (NCLT) has given the green light to Independent Sugar Corporation Ltd (INSCO), based in Uganda, to acquire debt-ridden Hindustan National Glass & Industries Ltd with a Rs 2,752 crore resolution plan. This decision allows INSCO to begin its operational revival process for the glass bottle manufacturer.

INSCO's strategy involves an upfront payment of Rs 2,200 crore in cash and equity valued at around Rs 550 crore. The Committee of Creditors (CoC) overwhelmingly favored this proposal with a 96.16% vote, marking INSCO as the successful resolution applicant and enabling legal procedures under the Insolvency and Bankruptcy Code.

The NCLT's approval follows a complex legal journey, as INSCO matched AGI Greenpac's previous bid circumvented by Supreme Court directives. The Competition Commission of India also dismissed AGI's objections, reinforcing INSCO's pathway to integrate into Indian manufacturing through this acquisition.

(With inputs from agencies.)