Case background
The Court was dealing with appeals filed under Section 62 of the IBC against the National Company Law Appellate Tribunal’s (NCLAT) judgments regarding the Corporate Insolvency Resolution Process (CIRP) of Hindustan National Glass and Industries Ltd. (HNGIL).
The primary issue concerned the approval of a resolution plan submitted by AGI Greenpac Ltd., which has sought to acquire HNGIL. The combination of these two major players in the glass packaging industry raised concerns over its potential impact on market competition.
The appeals also challenged the NCLAT’s interpretation of the requirement for CCI approval under Section 31(4) of the IBC.
HNGIL (corporate debtor) holds a dominant position in India’s glass packaging…
