The corporate insolvency resolution process (CIRP) for Hindusthan National Glass & Industries Ltd (HNGIL), India’s leading glass packaging manufacturer, faces fresh hurdles after a Supreme Court ruling. The court directed Bermuda-based Independent Sugar Corporation (INSCO), part of Uganda’s Madhvani Group, to match the higher bid of AGI Greenpac, escalating acquisition costs and casting uncertainty over INSCO’s ₹1,851 crore resolution plan.
The verdict, triggered by AGI Greenpac’s challenge to the National Company Law Appellate Tribunal’s (NCLAT) interpretation of Section…
