The insolvency appellate tribunal NCLAT has set aside NCLT‘s direction to change the resolution professional of debt-ridden Hindusthan National Glass Industries (HNG) and asked it to take a decision on the bids as per the Supreme Court‘s directions.
A three-member NCLAT bench gave a go-ahead to the Kolkata Bench of the National Company Law Tribunal (NCLT) to decide on the approval of bids for Hindusthan National Glass Industries in accordance with the directions passed by the Supreme Court.
“The adjudicating authority (NCLT) may proceed to hear and decide the plan approval application, as per the directions of Supreme Court dated May 16, 2025,” NCLAT said.
Over the resolution professional, the National Company Law Appellate Tribunal…