According to sources familiar with the matter, the Hindustan National Glass & Industries Ltd (HNG) committee of creditors, led by State Bank of India (SBI), voted in favour of AGI Greenpac Ltd (98% votes) resolution plan despite their application being rejected (INVALITE) by the Competition Commission of India (CCI).
DBS Bank, HNG’s third largest creditor, dragged HNG into insolvency process and later was admitted into CIRP by the Kolkata NCLT on October 21, 2021.
RP Girish Juneja has declared AGI Greenpac to be a successful RA. RP will recommend AGI's name to the NCLT on the final day of NCLT filling, which is November 9, 2022. Serious questions have been raised about the plans of a group of PSBs, led by SBI (38% exposure), to vote for a RA that is currently not in compliance.
9th November 2022 being last day to file recommendation of RP to NCLT, it is important for CoC to strongly consider to set deadline for successful RA to obtain CCI approval before 9th Nov 2022 which will prevent HNG to go towards liquidation.*
Assuming the company's second CCI application (if they submit one) is denied after November 9th, 2022, the company is prepared to go into liquidation.