INSCO To Submit Revised Bid For Hindusthan National Glass; CCI Dismisses AGI Plea

New Delhi: Independent Sugar Corporation (INSCO), a part of Uganda-based conglomerate Madhvani Group, is about to provide an enhanced answer plan for Hindusthan National Glass (HNG), India’s main glass bottle producer. According to a file in The Economic Times, the bidder plans to extend its be offering via ?356 crore past its previous proposal.

This transfer follows a Supreme Court directive that nullified a up to now accredited plan via AGI Greenpac. The court docket discovered that AGI’s proposal didn’t agree to the stipulations specified by the request for proposal — particularly, it lacked the vital clearance from the Competition Commission of India (CCI) on the time of vote casting via the Committee of Creditors (CoC). Although AGI later secured conditional CCI approval, it was once after the CoC had already voted.

Girish Juneja, the answer skilled supported via EY, is predicted to provide INSCO’s revised plan to the CoC after a radical analysis. Only INSCO’s plan will probably be put to vote, in step with the Supreme Court’s ruling.

The case mirrors uncommon cases like Bhushan Power and Steel, the place a CoC-approved answer was once later overturned via the judiciary. The Supreme Court has prompt that the answer procedure — together with CoC approval of INSCO’s revised plan — be concluded via July 2025.

Earlier, AGI Greenpac, a outstanding producer of packaging merchandise, has officially asked the Competition Commission of India (CCI) to revoke a “green channel” approval granted to Independent Sugar Corporation (INSCO). However, tThe Competition Commission of India (CCI) disregarded the grievance. The Commission added that the reference made via AGI was once disposed of and no additional conversation on this regard can be entertained, mentioned reviews.