INSCO claims minority CoC member blocks glass firm's resolution

Independent Sugar Corporation Ltd. (INSCO) is facing challenges in the insolvency resolution for Hindustan National Glass & Industries Ltd. (HNGIL). INSCO claims that a minority member of the Committee of Creditors (CoC), Exclusive Capital, is trying to disrupt the resolution process, despite support from the majority and the Supreme Court. INSCO has urged the main members of the CoC to restrict Exclusive Capital's participation in meetings unless approved by a designated administrator from the National Company Law Appellate Tribunal (NCLAT). The company warns that any delays in following the Supreme Court's orders could hurt all parties involved and even lead to legal repercussions. HNGIL, known as India’s largest container glass maker, filed for insolvency in October 2021 after defaulting on loans exceeding ₹2,000 crore. Several bidders, including AGI Greenpac and INSCO, competed to take over the company. Initially, the NCLAT approved AGI Greenpac’s resolution plan in September 2023. However, INSCO challenged this decision, arguing that it lacked necessary approval from the Competition Commission of India. On January 29, 2025, the Supreme Court canceled AGI Greenpac's plan due to regulatory issues. The Court ordered a reexamination of resolution plans by the CoC, ensuring compliance with competition laws.