Kolkata, India: Independent Sugar Corporation Limited (INSCO), part of the Madhvani Group, has completed its ₹2,250 crore acquisition of Hindustan National Glass & Industries Limited (HNGIL) under the Insolvency and Bankruptcy Code process.
The resolution plan, approved by the National Company Law Tribunal, Reserve Bank of India, and Competition Commission of India, includes an upfront payment of ₹1,901.55 crore and deferred payments of ₹356.28 crore. Creditors are expected to recover about 60% of admitted claims.
Backed by Cerberus Capital Management and the International Finance Corporation, INSCO has taken full control of HNGIL after a 45-day transition phase, ending one of India’s most high-profile insolvency cases.