M&A

M&A

Undone:AGI Greenpac seeks review of SC order quashing acquisition of bankrupt HNGIL

Mint  

Sanitary ware and glass container maker AGI Greenpac has sought a review of the Supreme Court’s January ruling that quashed the approval of AGI’s resolution plan for the bankrupt Hindusthan National Glass & Industries Ltd (HNGIL), citing failure to obtain prior permission from the Competition Commission of India (CCI).In addition, AGI Greenpac has also filed an application with the National Company Law Tribunal (NCLT), Kolkata bench, seeking to restrain the committee of creditors (CoC) and the resolution professional of HNGIL from taking any further action until the apex court has decided on the review plea.On 22 October 2022, the CoC approved the AGI resolution plan, despite AGI not having a prior CCI approval. The Supreme Court ruled on 29 January that AGI’s bid to acquire the insolvent HNGIL without prior approval from CCI is unsustainable and must be set aside.