Archive · 8 Jun 2025
Independent Sugar to Revise Plan to Acquire Hindusthan National Glass
A company called INSCO wants to buy a glass company called HNGIL, but it's going through bankruptcy.
INSCO initially competed with another company, AGI Greenpac.
The Supreme Court said that INSCO had to revise its plan.
INSCO will pay a lot of money upfront and a bit later.
Also, people who are owed money by HNGIL will get some cash and a small part of the company.
The other company's plan was rejected because it didn't follow all the rules.
Independent Sugar Corp. (INSCO) is submitting a revised resolution plan worth ₹2,257 crore for Hindusthan National Glass & Industries Ltd (HNGIL).
The revision follows a Supreme Court directive to match the rival bidder's offer.
INSCO will pay ₹1,851 crore upfront and ₹356 crore in deferred payments.
Operational creditors and workmen will receive ₹50 crore and 5% equity.
The Supreme Court dismissed AGI Greenpac's resolution plan due to non-compliance.
- Who
- Independent Sugar Corp. (INSCO), AGI Greenpac Ltd, Hindusthan National Glass & Industries Ltd (HNGIL), and the Supreme Court are key parties involved.
- What
- Independent Sugar Corp. (INSCO) will submit a revised resolution plan to acquire Hindusthan National Glass & Industries Ltd (HNGIL).
- When
- The Supreme Court order was made publicly available on 30 May
- Where
- Kolkata, India
- Why
- INSCO had to revise its plan to match AGI Greenpac's offer, as per the Supreme Court's directive.
AGI Greenpac
INSCO
Acquisition Approval
AGI Greenpac
AGI Greenpac Ltd. sought to acquire HNGIL but faced issues due to non-compliance with the Insolvency and Bankruptcy Code guidelines, including lack of CCI approval.
INSCO
Independent Sugar Corp. (INSCO) received CCI clearance and was directed by the Supreme Court to match the offer of AGI Greenpac.
- Revised Resolution Plan Value
- ₹2,257 crore
- Upfront Cash Payment
- ₹1,851 crore
- Deferred Cash Payment
- ₹356 crore
- Equity for Operational Creditors/Workmen
- 5%
- HNGIL Admitted to Insolvency
- October 2021