The National Company Law Appellate Tribunal (NCLAT), Delhi has delivered its decision regarding the contentious insolvency case concerning Hindustan National Glass. The NCLAT has upholded the entire insolvency resolution process followed by the Resolution Professional and endorsed by the Committee of Creditors (COC).
This ruling follows a series of appeals brought before the NCLAT by various parties such as Independent Sugar Corporation and others. Their appeals contested the procedural fairness and legality of the insolvency resolution process concerning Hindustan National Glass, including concerns regarding AGI Greenpac, which is in the race to acquire the company.
A company statement said, “In a decisive move, Justice Ashok Bhushan, who presides over the NCLAT, delivered the order that reinforces the integrity and legitimacy of the entire process. The NCLAT’s decision signifies a substantial legal victory, marking a crucial step in the resolution of the Hindustan National Glass insolvency case. It assures that the due process was followed diligently and that the interests of all stakeholders involved were duly considered and upheld.”
It added, “This ruling carries significant implications not only for the Hindustan National Glass case but also for the broader landscape of corporate insolvency proceedings in India, setting a precedent for adherence to established procedures and transparency in such matters.”