Independent Sugar Corporation Ltd. (INSCO), the successful resolution applicant for Hindustan National Glass & Industries Ltd. (HNGIL), has written to the Committee of Creditors (CoC), alleging that that Exclusive Capital, a minority Committee of Creditors (CoC) member has been “persistently attempting to derail the corporate insolvency resolution process (CIRP)“, despite the majority CoC members and the Supreme Court’s approving the resolution plan.
INSCO has urged the lead members of the CoC to ensure that Exclusive Capital’s representatives “participate in CoC meetings only with the explicit approval of NCLAT’s appointed administrator.”
It has also emphasised that any “further delay in implementing the Supreme…
