Kolkata, Nov 2 The Committee of Creditors (Coc) for Hindusthan National Glass & Industries, which has been undergoing insolvency proceedings, has approved the resolution plan submitted by AGI Greenpac Ltd and the resolution professional has issued a letter of intent to the company.

The implementation of the resolution plan is subject to obtaining necessary regulatory approvals from the concerned statutory authorities, the company said in a notification to the stock exchanges on Monday.

“The resolution professional of the corporate debtor (Hindusthan National Glass) has issued a letter of intent to AGI confirming that the committee of creditors has approved the said resolution plan and has declared AGI the successful resolution applicant,” it said.

According to sources familiar with the matter, the CoC led by State Bank of India voted in favour of AGI Greenpac’s (98 per cent votes) resolution plan despite it being rejected by the Competition Commission of India (CCI).

DBS Bank, HNG’s third largest creditor, dragged the company (HNG) into the insolvency process and it was admitted into CIRP by the Kolkata NCLT in October 2021.

The CoC’s vote on three resolution plans submitted by AGI, Independent Sugar Corp, and Ahmedabad-based Nirma Chemical was conducted between October 4-28, 2022. AGI received 98 per cent of the votes, while Independent Sugar Corp (a subsidiary of the Africa-based Madhwani group) received 88 per cent votes.

As part of the next step, the resolution professional will recommend AGI’s name to NCLT on the final day of T filing, which is November 9, 2022. According to industry insiders, if AGI fails to secure CCI approval, it could lead to HNG going into liquidation.