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AGI Greenpac's acquisition of debt-ridden HNG rejected by India's top court

By Freny Patel ( January 30, 2025, 00:13 GMT | Insight) -- In a major setback for AGI Greenpac, the Supreme Court of India on rejected its bid to acquire debt-ridden Hindustan National Glass & Industries. This decision comes despite AGI Greenpac having received conditional approval from the Competition Commission of India. The court ruled that AGI Greenpac violated the Insolvency and Bankruptcy Code by securing approval from the committee of creditors before obtaining the necessary CCI clearance. The landmark ruling emphasizes the primacy of competition law in insolvency matters, but also sets back the revival roadmap for HNG, which entered insolvency proceedings in 2021. In a major setback for AGI Greenpac, India's top court has rejected its revival bid for a glass manufacturer despite the deal having received conditional merger approval from the country's antitrust watchdog....

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