CCI dismisses AGI Greenpac’s complaint against INSCO; Supreme Court upholds INSCO’s resolution plan for HNGIL

The Competition Commission of India (CCI) has dismissed a complaint filed by AGI Greenpac Ltd. against Independent Sugar Corporation Ltd. (INSCO) regarding its green channel merger notification in the insolvency matter of Hindustan National Glass & Industries Ltd. (HNGIL).

AGI Greenpac alleged that INSCO had made false statements or suppressed material facts in its merger filing. In a meeting held on Feb. 6, 2024, the CCI reviewed the materials and clarifications submitted by INSCO and concluded that there was no case of willful suppression or misrepresentation.

“The Commission in its meeting held today, considered the clarification given by INSCO. Based on material available on record, the Commission is of the view that no case for any false statement and/or willful concealment or suppression of material facts is made out against INSCO as regards the contents of the notice,” the CCI said in its written order.

The Commission added that the reference made by AGI was disposed of and no further communication in this regard would be entertained.

Separately, the Supreme Court of India, in an order dated May 16, 2025, and published on May 30, 2025, dismissed review petitions filed by AGI Greenpac and Exclusive Capital, a minority member of HNGIL’s Committee of Creditors.

The court reaffirmed its earlier judgment dated Jan. 29, 2025, which had set aside AGI Greenpac’s resolution plan on grounds of legal and procedural non-compliance. It directed the National Company Law Tribunal (NCLT), Kolkata to approve INSCO’s resolution plan within six weeks.

According to sources familiar with the matter, INSCO has agreed to comply with the Supreme Court’s directions.

The Supreme Court’s Jan. 29 judgment had also raised concerns about the data provided by AGI Greenpac in its Form II filing to the CCI dated Nov. 3, 2022.

“Transparent and accurate data disclosures are fundamental to the regulatory mechanism. The identified discrepancies compromise the very basis of the CCI’s decision-making process… Discrepancies in operational capacity data strike at the very root of the regulatory mechanism… the conditional approval should have been revoked, especially in light of the CCI’s express mention in its order dated 15.03.2023,” the court noted in Paragraph 143 of its ruling.

The court observed that the discrepancies were not properly scrutinised by the National Company Law Appellate Tribunal (NCLAT) and indicated that these issues undermined the resolution process under the Insolvency and Bankruptcy Code and the Competition Act.

If the NCLT adheres to the timeline set by the Supreme Court, a final order on INSCO’s resolution plan could be issued by the end of June or early July.