The Supreme Court on Wednesday, by a majority of 2:1, set aside the approval granted to AGI Greenpac’s resolution plan for ailing Hindustan National Glass and Industries Ltd (HNGIL), citing non-compliance with mandatory provisions under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justices Hrishikesh Roy, Sudhanshu Dhulia and S V N Bhatti was hearing a batch of appeals led by Independent Sugar Corporation Ltd against a September 18, 2023 judgement of the National Company Law Appellate Tribunal (NCLAT).
Justices Roy and Dhulia, in a majority judgement, ruled AGI Greenpac’s resolution plan was unsustainable owing to its failure to…
