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Time of India
5 days ago
- Business
- Time of India
Lenders approve Uganda-based INSCO's ₹2,257-crore plan for Hindusthan Glass
(You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A committee of creditors who include State Bank of India , Edelweiss Asset Reconstruction Company and DBS Bank has cleared Uganda-based Independent Sugar Corp's revised resolution plan for bankrupt Hindusthan National Glass HNG ).Under the Supreme Court-approved proposal, Independent Sugar Corp (INSCO) has improved its initial offer by ₹356 crore to ₹2,257 crore. The committee cleared it with 96.16% of votes in favour. INSCO has agreed to pay ₹1,901.5 crore upfront through a mix of equity, quasi-equity and debt. An additional deferred payment of ₹356.3 crore will be made to secured financial creditors over three years, funded from HNG's future cash financial creditors will get ₹2,207 crore, or 66.18% of their admitted claims of ₹3,335 crore. The ₹2,257 crore proposal also covers payment to operational creditors like employees. Letters of support from debt funds for both the upfront payment and working capital needs have been submitted as part of the plan. INSCO has proposed a strategy involving a ₹1,000 crore capital expenditure to turn around HNG's operations. The plan focuses on rebuilding furnaces and upgrading equipment to revive the largest container glass manufacturer.
Time of India
13-06-2025
- Business
- Time of India
INSCO Resolution Plan: INSCO Proposes Rs 2,752 Cr Takeover of HNGIL Following Supreme Court Directive, ET LegalWorld
Independent Sugar Corporation (INSCO) has submitted a comprehensive revised resolution plan worth Rs 2,752 crore for the takeover of debt-ridden glass bottle manufacturer Hindusthan National Glass & Industries Limited (HNGIL), in line with the Supreme Court verdict. The Committee of Creditors (CoC) is likely to consider the revised proposal, and voting is likely to commence on Thursday, sources said. INSCO, a company promoted by the Madhvani Group, having operations in many countries, has submitted a revised resolution plan on June 8, making Rs 2,752 crore offer comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore. Advt Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETLegalWorld App Get Realtime updates Save your favourite articles Scan to download App The revised offer comes following the Supreme Court's directive to match the offer previously made by AGI per the apex court's order, only INSCO's plan will be considered for approval, with the entire resolution process, including voting, to be completed by July plan outlines payment of the entire Rs 2,200 crore cash component within 30 days of National Company Law Tribunal (NCLT) approval, along with infusion of working capital and equity issuance to CoC members within 90 fund the acquisition, INSCO has submitted a non-binding term sheet to Cerberus Capital Management with the resolution plan."It is estimated that significant capex would be required to revive and revitalise the business. We have budgeted about Rs 1,000 crore to rebuild all the furnaces and other equipment over the next few years," the resolution plan sources said, some of the CoC members have flagged serious concerns over the viability and transparency of the sources said, lenders allege that INSCO's current plan does not adhere fully to the Supreme Court's AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January rejected the bid on the ground that the company did not have a Competition Commission of India (CCI) approval for the had moved the court seeking cancellation of AGI Greepac's bid since the company did not receive CCI rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI court also directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC by July 2025.
Time of India
12-06-2025
- Business
- Time of India
INSCO submits Rs 2,752 crore revised resolution plan for HNGIL take over
Independent Sugar Corporation (INSCO) has submitted a comprehensive revised resolution plan worth Rs 2,752 crore for the takeover of debt-ridden glass bottle manufacturer Hindusthan National Glass & Industries Limited (HNGIL), in line with the Supreme Court verdict. The Committee of Creditors (CoC) is likely to consider the revised proposal, and voting is likely to commence on Thursday, sources said. INSCO, a company promoted by the Madhvani Group, having operations in many countries, has submitted a revised resolution plan on June 8, making Rs 2,752 crore offer comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore. The revised offer comes following the Supreme Court's directive to match the offer previously made by AGI Greenpac . As per the apex court's order, only INSCO's plan will be considered for approval, with the entire resolution process, including voting, to be completed by July 2025. Live Events INSCO's plan outlines payment of the entire Rs 2,200 crore cash component within 30 days of National Company Law Tribunal (NCLT) approval, along with infusion of working capital and equity issuance to CoC members within 90 days. To fund the acquisition, INSCO has submitted a non-binding term sheet to Cerberus Capital Management with the resolution plan. "It is estimated that significant capex would be required to revive and revitalise the business. We have budgeted about Rs 1,000 crore to rebuild all the furnaces and other equipment over the next few years," the resolution plan said. However, sources said, some of the CoC members have flagged serious concerns over the viability and transparency of the proposal. Further, sources said, lenders allege that INSCO's current plan does not adhere fully to the Supreme Court's directives. Initially, AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January rejected the bid on the ground that the company did not have a Competition Commission of India (CCI) approval for the acquisition. INSCO had moved the court seeking cancellation of AGI Greepac's bid since the company did not receive CCI approval. While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac. The court also directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC by July 2025. Economic Times WhatsApp channel )
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Business Standard
12-06-2025
- Business
- Business Standard
INSCO submits Rs 2,752 crore revised plan for HNGIL takeover after SC order
Independent Sugar Corporation (INSCO) has submitted a comprehensive revised resolution plan worth Rs 2,752 crore for the takeover of debt-ridden glass bottle manufacturer Hindusthan National Glass & Industries Limited (HNGIL), in line with the Supreme Court verdict. The Committee of Creditors (CoC) is likely to consider the revised proposal, and voting is likely to commence on Thursday, sources said. INSCO, a company promoted by the Madhvani Group, having operations in many countries, has submitted a revised resolution plan on June 8, making Rs 2,752 crore offer comprising Rs 2,200 crore in upfront cash and equity valued at around Rs 550 crore. The revised offer comes following the Supreme Court's directive to match the offer previously made by AGI Greenpac. As per the apex court's order, only INSCO's plan will be considered for approval, with the entire resolution process, including voting, to be completed by July 2025. INSCO's plan outlines payment of the entire Rs 2,200 crore cash component within 30 days of National Company Law Tribunal (NCLT) approval, along with infusion of working capital and equity issuance to CoC members within 90 days. To fund the acquisition, INSCO has submitted a non-binding term sheet to Cerberus Capital Management with the resolution plan. "It is estimated that significant capex would be required to revive and revitalise the business. We have budgeted about Rs 1,000 crore to rebuild all the furnaces and other equipment over the next few years," the resolution plan said. However, sources said, some of the CoC members have flagged serious concerns over the viability and transparency of the proposal. Further, sources said, lenders allege that INSCO's current plan does not adhere fully to the Supreme Court's directives. Initially, AGI Greenpac was the front runner for HGIL, with a bid of Rs 2,752 crore. However, the Supreme Court in January rejected the bid on the ground that the company did not have a Competition Commission of India (CCI) approval for the acquisition. INSCO had moved the court seeking cancellation of AGI Greepac's bid since the company did not receive CCI approval. While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO, the second-highest bidder, to match the offer given by AGI Greenpac. The court also directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC by July 2025.
Time of India
08-06-2025
- Business
- Time of India
INSCO to submit improved resolution plan for Hindusthan National Glass
The Supreme Court approved bidder Independent Sugar Corp ( INSCO ) will submit to lenders an improved resolution plan for Hindusthan National Glass (HNG), the country's largest maker of glass bottles, said people aware of the development. The Africa-based bidder will offer ₹356 crore over and above it offered to pay earlier, they said. EY-backed resolution professional Girish Juneja will invite a committee of creditors (CoC) to vote on the revised INSCO plan after vetting it. As per the Supreme Court's order, only the INSCO plan will be put for voting, said the people. INSCO is owned by the Madhvani Group , a conglomerate based in Uganda. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Uttar Pradesh - Watch What Happens Happy in Shape Undo Somewhat similar to Bhushan Power and Steel, it is among the rare cases wherein the apex court has rejected a plan after it had been approved by the CoC. At the heart of the matter is a Supreme Court ruling that rejected a CoC approved plan given by AGI Greenpac because it did not adhere to the terms of the request for proposal. AGI Greenpac, which gave a higher offer than rival bidder INSCO, failed to get requisite approval from the Competition Commissioner of India (CCI) before the plan was approved by the CoC. It received a conditional approval from the CCI after lenders had voted on the plan. Live Events While rejecting a review petition filed by AGI Greenpac, the Supreme Court directed INSCO to match the offer given by AGI Greenpac and directed the resolution professional to complete the resolution process involving the approval of the INSCO resolution plan by the CoC, by July 2025.
