The Supreme Court approved bidder Independent Sugar Corp (INSCO) will submit to lenders an improved resolution plan for Hindusthan National Glass (HNG), the country’s largest maker of glass bottles, said people aware of the development. The Africa-based bidder will offer ₹356 crore over and above it offered to pay earlier, they said.
EY-backed resolution professional Girish Juneja will invite a committee of creditors (CoC) to vote on the revised INSCO plan after vetting it. As per the Supreme Court’s order, only the INSCO plan will be put for voting, said the people.
INSCO is owned by the Madhvani Group, a conglomerate based in Uganda.
Somewhat similar to Bhushan Power and Steel, it is among the rare cases wherein the apex court has rejected a plan after it had been approved by the CoC.
At the heart of the matter is a Supreme Court ruling that rejected a CoC approved plan given by AGI Greenpac because it did not adhere to the terms of the request for proposal. AGI Greenpac, which gave a higher offer than rival bidder INSCO, failed to get requisite approval from the Competition Commissioner of India (CCI) before the plan was approved by the CoC. It received a conditional approval from the CCI after lenders had voted on the plan.
While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO to match the offer given by AGI Greenpac and directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC, by July 2025.
