Delhi HC directs competition regulator to review green channel nod for INSCO in HNGIL buyout
On Tuesday, the Delhi Supreme Court gave 10 days to Indian Anti-Trust Regulatory Competition Commission (CCI), which forced the Indian Glass and Industries Madhvani Group’s Indian branch, Indian branch, Indian arm, Indian branch, Indian branch ‘Green Canal’ to the Indian LTD (InSCO).
Justice Sachin Datta’s counter helped AGİ Greenpac, LaThe 2,752 CRORE approved plan has already broken up by the Supreme Court for procedure tours.
AGI Greenpac approached the Supreme Court after alleged that CCI’s representation did not think that it challenged InSCO’s approval.
On June 4, Greenpac called on CCI to withdraw the green channel opening.
Under this route, the merger and inheritances without competition concerns receive automatic approval without a detailed examination.
5A violation of the regulation
Greenpac claimed that the approval violated 5A, which required a joint file by all parties looking for green channel cleaning, and that Insco has applied on its own. He claimed that this violation could adversely affect the Holy and creditors.
Hggil, the largest container of India, entered the bankruptcy in October 2021 and the bankruptcy and bankruptcy code (IBC), after the default in loans La2,000 Crore.
Bankruptcy cases began in 2018 when the HSBC Daisy Investments (Mauritius) filed a petition over unpaid dues against HNGIL. La2,500 Crore led NCLT Kolkata to accept the case and to initiate bankruptcy.
In the resolution process, AGI Greenpac and Insco appeared as key contestants. Agi Greenpac’s LaThe 2,752 Crore plan was initially approved by NCLT and then by NCLAT in September 2023. However, Insco challenged this in front of the Supreme Court.
On January 29, the Supreme Court overturned AGI Greenpac’s decision plan because it did not meet regulatory requirements. He also reversed NClat’s order to support AGI’s plan and directed COC to reconsider solutions to fully adapt to competition laws.
Clean the road
The Supreme Court’s decision cleared the way InSCO made new initiatives to buy Hngil. Insco said that the court would match AGI’s cash offer with financial creditors and increase their total payment. La2,752 crore from the original LaThe 2,395 Crore offer increased the creditor heal from 49% to 58%.
The HNGIL case has become another example of an approved decision plan, which was put aside by the courts on the grounds of procedural, and caused delays and bottlenecks in India’s bankruptcy environment. Recently, the Supreme Court has also set aside the approved one La19,000 Crore JSW Steel Solution Plan Bhushan Power and Steel underlines systemic obstacles for illegal justification for the plan.
In December 2024, with a written response to Lok Sabha, Finance and Corporate Works Minister Nirmala Sithaman said that the bankruptcy of NCLT announced the lion’s share of NCLT. As of December 31, 2024, there was a 12,351 celebration case in NCLT for a total of 20,484 cases. The remaining 8,133 cases were related to the 2013 Company Law.
