NCLAT Upholds NCLT's Approval of HNG Revival Amid Appeals

The NCLAT refused to halt the NCLT's approval of Hindusthan National Glass & Industries Ltd's (HNG) resolution plan by Independent Sugar Corporation Ltd. Despite several appeals, including those by AGI Greenpac Ltd and others, the tribunal emphasized adherence to the Supreme Court's directives amid ongoing acquisition processes.

The National Company Law Appellate Tribunal (NCLAT) has upheld an order by the National Company Law Tribunal (NCLT) approving a resolution plan for Hindusthan National Glass & Industries Ltd (HNG), submitted by Independent Sugar Corporation Ltd (INSCO).

The NCLAT's move comes after the NCLT's Kolkata bench sanctioned the plan, following Supreme Court directives. However, the approval is being challenged by several parties, including AGI Greenpac Ltd and financial creditors like Exclusive Capital Ltd.

The NCLAT has ordered respondents to submit replies within three weeks as the tribunal proceeds with the appeals hearing set for October 9, 2025. INSCO, focusing on the plan's implementation, has committed to the ongoing transition and acquisition process.

(With inputs from agencies.)