India’s AGI Greenpac has received approval from legal authorities to acquire Hindustan National Glass (HNGL).
The container glassmaker received approval from the National Company Law Appellate Tribunal (NCLAT) earlier today.
This landmark ruling follows a series of appeals brought before the NCLAT by various parties, with Independent Sugar Corporation and others being among the appellants.
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
AGI Greenpac said: “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.”