INSCO completes acquisition of HNGIL under IBC process- The Week

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…

Insolvency and Bankruptcy Code’s (IBC) 2025 Amendment Bill

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…

Visa Steel exits insolvency as NCLT allows withdrawal of CIRP

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…