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New Delhi, Sep 27 (PTI) Independent Sugar Corporation, an Uganda-based Madhvani Group firm, has announced the completion of its acquisition of debt-ridden glass manufacturer Hindustan National Glass & Industries through the Insolvency and Bankruptcy Code process. On Friday, in a duly convened meeting of Hindustan National Glass & Industries Limited’s (HNGIL) newly constituted board, the company formally recorded the conclusion of this transition, clearing the way for Independent Sugar Corporation Limited (INSCO) to assume full control. The acquisition is led by industrialists Kamlesh Madhvani and Shrai Madhvani, with financial support from Cerberus Capital Management and the International Finance Corporation (IFC), INSCO,…
The Insolvency and Bankruptcy Code (Amendment) Bill, 2025 seeks to address persistent delays, promoter resistance, and judicial ambiguities in India’s insolvency framework while reinforcing creditor-driven, time-bound resolutions.
Insolvency and Bankruptcy Code (IBC), 2016 – Overview
Enacted in 2016 to consolidate and amend laws relating to reorganisation and insolvency resolution of companies, partnerships, and individuals.
Objective: Provide a time-bound, creditor-driven process for insolvency resolution and maximise value of assets.
Key Features:
Corporate Insolvency Resolution Process (CIRP) within 180 days (extendable to 270 days).
Insolvency and Bankruptcy Board of India (IBBI) as the regulator.
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By Rukayat Moisemhe
A robust and responsive insolvency ecosystem requires incorporating all stakeholders and will improve Nigeria’s corporate rescue framework and support business recovery and commercial justice.
Judges and insolvency experts made the assertion at the 2025 Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) Conference on Thursday in Lagos.
The event had the theme: “Deepening Insolvency Tools for Resolving Commercial and Financial Challenges of Businesses”.
Justice John T. Tsoho, Chief Judge of the Federal High Court, said that deepening insolvency tools, strengthening regulation, and ensuring ethical and professional practices would help ro…
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