Independent Sugar Corporation Limited (INSCO), a part of Uganda-based Madhvani Group, said it had completed the acquisition of Hindustan National Glass & Industries Limited (HNGIL), a container glass manufacturer, through the Insolvency and Bankruptcy Code (IBC) process. On Friday (September 26, 2025), in a duly convened meeting of HNGIL’s newly constituted board, the company formally…
Revitalizing HNGIL: A New Chapter Begins Under Ugandan Leadership Devdiscourse Read the original article here
New Delhi, Sep 27 (PTI) Independent Sugar Corporation, an Uganda-based Madhvani Group firm, has announced the completion of its acquisition of debt-ridden glass manufacturer Hindustan National Glass & Industries through the Insolvency and Bankruptcy Code process. On Friday, in a duly convened meeting of Hindustan National Glass & Industries Limited’s (HNGIL) newly constituted board, the company…
Context The Insolvency and Bankruptcy Code (Amendment) Bill, 2025 seeks to address persistent delays, promoter resistance, and judicial ambiguities in India’s insolvency framework while reinforcing creditor-driven, time-bound resolutions. Insolvency and Bankruptcy Code (IBC), 2016 – Overview Enacted in 2016 to consolidate and amend laws relating to reorganisation and insolvency resolution of companies, partnerships, and…
Madhvani Group’s INSCO takes full control of HNGIL after IBC resolution Moneycontrol Read the original article here
New Delhi: The Supreme Court Friday upheld the resolution plan of JSW Steel Limited to acquire Bhushan Power and Steel Limited (BPSL), as it allowed a batch of review petitions that had questioned its earlier order to liquidate the company. A bench of Chief Justice of India B.R. Gavai and Justices S.C. Sharma and K.…
NEW DELHI: In a decision that could have a salutary bearing on the Insolvency and Bankruptcy Code (IBC), Supreme Court on Friday reversed its eyebrow-raising May 2 verdict, directing liquidation of bankrupt Bhushan Power and Steel Limited, to put back in place the National Company Law Appellate Tribunal’s Feb 2020 decision to allow Sajjan-Jindal-led JSW…
In a significant turnaround, Visa Steel Limited has successfully exited the Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal (NCLT), Cuttack Bench, permitted the withdrawal of the insolvency application against the company. The order, dated September 26, 2025, closes a prolonged legal battle that had cast uncertainty over the steelmaker’s future. The…
New Delhi, Sep 26 (PTI) Ordering liquidation of a debt-ridden company under the Insolvency and Bankruptcy Code has to be the last option, the Supreme Court said on Friday while upholding JSW Steel’s resolution plan for the ailing Bhushan Power and Steel Limited (BPSL). The top court also held that interfering with the commercial wisdom…