Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Wednesday upheld an insolvency tribunal order that had rejected Independent Sugar Corp. Ltds (INSCO) plea against a rival bidder in the resolution process of India’s oldest glass manufacturer Hindustan National Glass.
The Kolkata bench of the NCLT will now consider bidder AGI Greenpacs resolution plan for Hindustan National Glass under the Insolvency and Bankruptcy Code (IBC).
We do not find any ground to interfere with the impugned order dated 28 April 2023,” said a bench led by chairperson Ashok Bhushan and Justice Barun Mitra. The adjudicating authority may now proceed to consider the application filed for approval of the Resolution Plan.”
Independent Sugar Corp. Lt…
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