The Workers’ Union of Hindustan National Glass & Industries Ltd. (HNGIL) has written to the Committee of Creditors (CoC), demanding immediate action to file the resolution plan of the Successful Resolution Applicant (SRA) with the Adjudicating Authority.
The letter follows the Supreme Court’s judgment on 29 January 2025, which quashed AGI Greenpac’s ₹2,200 crore resolution plan for failing to comply with mandatory regulatory approvals. HNGIL filed for insolvency in October 2021. Two bidders, AGI Greenpac (market cap 5000 crs) and Independent Sugar Corp. (INSCO), were vying for HNGIL. Their bids were worth approx 2200 crs.
The union has strongly criticized alleged “attempts by erstwhile promoters colluding with the second bidder AGI Greenpac to derail the Corporate Insolvency Resolution Process (CIRP), in spite of specific directives of the Supreme Court” in their letter to the COC. It warns that any further delays could push HNGIL into liquidation, threatening thousands of workers’ livelihoods. The union urges the CoC to follow the Supreme Court’s ruling strictly and take necessary steps to stop any parties from unfairly interfering with the resolution process for their own benefit.
The Supreme Court explicitly directed that only fully compliant resolution plans as of October 28, 2022, could be considered. Following this, the CoC selected Independent Sugar Corp. (INSCO) ‘s resolution plan as the SRA on February 4, 2025, and issued the Letter of Intent (LOI) on February 10, 2025.
Fearing collusion between erstwhile promoters and AGI Greenpac, the union said that they “would ensure liquidation of HNGIL for the same is in their mutual interest”
The union has committed to taking legal action at both the NCLT and Supreme Court levels to prevent what it describes as an unjustified obstruction of the resolution process. It has called upon the CoC to act in the best interests of all stakeholders and ensure the resolution plan is filed without any further delay.
Earlier, the trade union sent a letter to the finance minister requesting intervention and investigations by the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the Serious Fraud Investigation Office (SFIO). Following the trade union’s letter, a letter was issued to the Committee of Creditors (CoC) on February 20, 2025.
