Informist, Tuesday, Jul. 8, 2025

NEW DELHI – The Delhi High Court on Tuesday directed the Competition Commission of India to decide in two weeks AGI Greenpac Ltd.'s plea against the competition regulator's deemed green channel approval to Independent Sugar Corp. Ltd.'s acquisition of Hindusthan National Glass & Industries Ltd. The antitrust regulator should keep in mind the apex court's January judgment that had rejected AGI Greenpac's resolution plan for Hindustan National Glass while deciding the case, the high court said.

In January, the apex court had rejected AGI Greenpac's resolution plan, calling it unsustainable as it had not taken the requisite approval of the Competition Commission of India, which was mandatory before the committee of creditors can approve a resolution plan. On Oct. 28, 2022, the committee of creditors had approved AGI Greenpac's resolution plan with 98% votes in its favour despite no prior approval from the competition watchdog. The top court said the committee of creditors should reconsider the resolution plan that had got the Competition Commission of India's approval as of Oct. 28, 2022.

The top court had allowed an appeal by resolution applicant Independent Sugar Corp. Ltd., which had secured the necessary approval from the competition watchdog. Independent Sugar's resolution plan had received only 88% favourable votes from the committee of creditors.

The petitioner, AGI Greenpac, thereafter filed detailed representation on Jun. 4 and Jun. 5 challenging the validity of the competition regulator's green channel approval to Independent Sugar Corp. on grounds of procedural impropriety and misdeclaration. Despite these serious objections, the committee of creditors of Hindusthan National Glass began considering Independent Sugar's revised plan in Jun. 9 and Jun. 10, said the petitioner. 

The competition commission has failed to adjudicate on critical and detailed representations by the petitioner, that pointed out the green channel approval obtained by Independent Sugar Corp. "is non est in law", having been obtained through a "unilateral, procedurally defective, and materially misleading filing," said the petitioner. The notice filed by Independent Sugar before the antitrust regulator for approval was in complete violation of Section 6(2) of the Competition Act, Regulation 5A, 2(f) and 9(4) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, said the petitioner.

On Tuesday, shares of AGI Greenpac closed 1.1% lower at INR 780.80 on the National Stock Exchange.  End

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

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