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Time of India
a day ago
- Business
- Time of India
NCLT approves INSCO's Rs 2,250 crore resolution plan for Hindustan National Glass
The National Company Law Tribunal on Friday approved the revised resolution plan of Rs 2,250 crore submitted by Uganda-based Independent Sugar Corporation Ltd ( INSCO ) for the acquisition of debt-ridden Hindustan National Glass & Industries Ltd. Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker With this order, the insolvency battle over the leading glass bottle manufacturer moves into its implementation phase, with INSCO set to take charge of operations and begin the revival process. "We welcome the order. It reinforces the principle that commercial wisdom of CoC is paramount, with judicial review confined to legality and compliance. The NCLT order clears the way for the Madhvani Group's strategic entry into Indian manufacturing via HNGIL," an INSCO spokesperson said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Vadnagar Users Prefers Toothsi Aligners Toothsi by MakeO Book Now Undo The Rs 2,250 crore resolution plan - comprising Rs 1,900 crore in upfront cash and equity valued at around Rs 350 crore - was submitted on June 8, 2025, in compliance with the Supreme Court directive to match an earlier bid by AGI Greenpac. The Committee of Creditors (CoC) cleared the proposal with 96.16 per cent voting share, issuing a Letter of Intent on June 14 that was unconditionally accepted by INSCO. Live Events Under the plan, the cash component will be paid within 30 days of NCLT approval, alongside infusion of working capital and equity issuance to CoC members within 90 days. INSCO has also budgeted around Rs 1,000 crore for capital expenditure to rebuild furnaces and equipment over the coming years. The Kolkata-bench of the tribunal, upholding the CoC's 'commercial wisdom', declared INSCO the successful resolution applicant and made the plan binding on all stakeholders under Section 31 of the Insolvency and Bankruptcy Code. The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional directed to hand over control to INSCO. Last month, the Competition Commission of India (CCI) dismissed the objections raised by AGI Greenpac Ltd regarding the green channel approval granted to INSCO for the proposed acquisition of HNG. According to the CCI's order dated July 15, 2025, the notice filed by INSCO on September 30, 2022, under Section 6(2) of the Competition Act, 2002, was found to be in compliance with relevant provisions. Initially, AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January 2025 rejected the bid on the ground that the company did not have a CCI approval for the acquisition. INSCO had moved the court seeking the cancellation of AGI Greepac's bid since the company had not received CCI approval. While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac.
News18
a day ago
- Business
- News18
NCLT approves INSCO's Rs 2,752 cr resolution plan for Hindustan National Glass
New Delhi, Aug 14 (PTI) The National Company Law Tribunal on Friday approved the revised resolution plan of Rs 2,752 crore submitted by Uganda-based Independent Sugar Corporation Ltd (INSCO) for the acquisition of debt-ridden Hindustan National Glass & Industries Ltd. With this order, the insolvency battle over the leading glass bottle manufacturer moves into its implementation phase, with INSCO set to take charge of operations and begin the revival process. 'We welcome the order. It reinforces the principle that commercial wisdom of CoC is paramount, with judicial review confined to legality and compliance. The NCLT order clears the way for the Madhvani Group's strategic entry into Indian manufacturing via HNGIL," an INSCO spokesperson said in a statement. The Rs 2,752 crore resolution plan — comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore — was submitted on June 8, 2025, in compliance with the Supreme Court directive to match an earlier bid by AGI Greenpac. The Committee of Creditors (CoC) cleared the proposal with 96.16 per cent voting share, issuing a Letter of Intent on June 14 that was unconditionally accepted by INSCO. Under the plan, the cash component will be paid within 30 days of NCLT approval, alongside infusion of working capital and equity issuance to CoC members within 90 days. INSCO has also budgeted around Rs 1,000 crore for capital expenditure to rebuild furnaces and equipment over the coming years. The Kolkata-bench of the tribunal, upholding the CoC's 'commercial wisdom', declared INSCO the successful resolution applicant and made the plan binding on all stakeholders under Section 31 of the Insolvency and Bankruptcy Code. The moratorium under Section 14 has been lifted with immediate effect, and the Resolution Professional directed to hand over control to INSCO. Last month, the Competition Commission of India (CCI) dismissed the objections raised by AGI Greenpac Ltd regarding the green channel approval granted to INSCO for the proposed acquisition of HNG. According to the CCI's order dated July 15, 2025, the notice filed by INSCO on September 30, 2022, under Section 6(2) of the Competition Act, 2002, was found to be in compliance with relevant provisions. Initially, AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January 2025 rejected the bid on the ground that the company did not have a CCI approval for the acquisition. INSCO had moved the court seeking the cancellation of AGI Greepac's bid since the company had not received CCI approval. While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac. PTI DP DP MR view comments First Published: August 14, 2025, 20:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
16-06-2025
- Business
- Time of India
Lenders approve Uganda-based INSCO's ₹2,257-crore plan for Hindusthan Glass
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A committee of creditors who include State Bank of India , Edelweiss Asset Reconstruction Company and DBS Bank has cleared Uganda-based Independent Sugar Corp's revised resolution plan for bankrupt Hindusthan National Glass HNG ).Under the Supreme Court-approved proposal, Independent Sugar Corp (INSCO) has improved its initial offer by ₹356 crore to ₹2,257 crore. The committee cleared it with 96.16% of votes in favour. INSCO has agreed to pay ₹1,901.5 crore upfront through a mix of equity, quasi-equity and debt. An additional deferred payment of ₹356.3 crore will be made to secured financial creditors over three years, funded from HNG's future cash financial creditors will get ₹2,207 crore, or 66.18% of their admitted claims of ₹3,335 crore. The ₹2,257 crore proposal also covers payment to operational creditors like employees. Letters of support from debt funds for both the upfront payment and working capital needs have been submitted as part of the plan. INSCO has proposed a strategy involving a ₹1,000 crore capital expenditure to turn around HNG's operations. The plan focuses on rebuilding furnaces and upgrading equipment to revive the largest container glass manufacturer.
TimesLIVE
23-05-2025
- Politics
- TimesLIVE
Tanzania releases Ugandan activist at border, Kenyan colleague alleges torture
Tanzania has released the second of two foreign activists who had come to support an opposition leader charged with treason, her organisation said on Friday, after a Kenyan fellow activist said they had both been badly tortured. Ugandan lawyer and activist Agather Atuhaire, who had been in custody since Monday, was abandoned at the border between Tanzania and Uganda, Agora Centre for Research, the Uganda-based rights group that she leads, posted on X. 'We are relieved to inform the public that (Agather) has been found,' it said. On Thursday, Kenyan activist Boniface Mwangi, who was also detained after arriving in Dar es Salaam to attend the first court appearance of Tanzanian opposition leader Tundu Lissu, had been dumped on the Kenyan border. In a post on X, he said the last time he had been held together with Atuhaire was on Tuesday, when he had heard her groaning in pain after being tortured. Reuters could not reach Atuhaire directly. 'Our (torturers) were acting on orders from a 'state security' employee who came to immigration offices and followed us to Central police station and ordered we should be taken to a secret location to be given a 'Tanzanian treatment',' Mwangi said. Tanzanian officials had not commented on Atuhaire and Mwangi's detentions specifically, but President Samia Suluhu Hassan warned foreign activists in public comments on Monday against 'invading and interfering in our affairs'. Lissu, who came second in Tanzania's last presidential poll, was arrested last month and charged with treason over what prosecutors said was a speech calling on the public to rebel and disrupt elections due in October. The case has highlighted a crackdown on opponents of Hassan, whose party has nominated her to stand again. She won plaudits after coming to power in 2021 for easing the political repression that had proliferated under her predecessor, but has faced mounting criticism over a series of arrests and unexplained abductions and killings of political opponents. Hassan has said the government is committed to respecting human rights, and ordered an investigation into reported abductions last year. Spokespeople for Tanzania's government, police force and immigration service did not respond to repeated requests for comment about Mwangi's allegations of torture.
Yahoo
23-05-2025
- Politics
- Yahoo
Tanzania releases Ugandan activist at border, Kenyan colleague alleges torture
KAMPALA (Reuters) -Tanzania has released the second of two foreign activists who had come to support an opposition leader charged with treason, her organisation said on Friday, after a Kenyan fellow activist said they had both been badly tortured. Ugandan lawyer and activist Agather Atuhaire, who had been in custody since Monday, was abandoned at the border between Tanzania and Uganda, Agora Centre for Research, the Uganda-based rights group that she leads, posted on X. "We are relieved to inform the public that (Agather) has been found," it said. On Thursday, Kenyan activist Boniface Mwangi, who was also detained after arriving in Dar es Salaam to attend the first court appearance of Tanzanian opposition leader Tundu Lissu, had been dumped on the Kenyan border. In a post on X, he said the last time he had been held together with Atuhaire was on Tuesday, when he had heard her groaning in pain after being tortured. Reuters could not reach Atuhaire directly. "Our (torturers) were acting on orders from a 'state security' employee who came to Immigration offices and followed us to Central Police Station and ordered we should be taken to a secret location to be given a 'Tanzanian treatment'," Mwangi said. Tanzanian officials had not commented on Atuhaire and Mwangi's detentions specifically, but President Samia Suluhu Hassan warned foreign activists in public comments on Monday against "invading and interfering in our affairs". Lissu, who came second in Tanzania's last presidential poll, was arrested last month and charged with treason over what prosecutors said was a speech calling on the public to rebel and disrupt elections due in October. The case has highlighted a growing crackdown on opponents of Hassan, whose party has nominated her to stand again. She won plaudits after coming to power in 2021 for easing the political repression that had proliferated under her predecessor, but has faced mounting criticism over a series of arrests and unexplained abductions and killings of political opponents. Hassan has said the government is committed to respecting human rights, and ordered an investigation into reported abductions last year. Spokespeople for Tanzania's government, police force and immigration service did not respond to repeated requests for comment about Mwangi's allegations of torture.
