"Successful Resolution of Hindusthan National Glass Industries' Insolvency Yields ₹2,500 Crore for Creditors"

Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to the Committee of Creditors (CoC) of Hindusthan National Glass & Industries Limited (HNGIL), led by the State Bank of India, in the successful completion of the corporate insolvency resolution process (CIRP) for HNGIL. The transaction resulted in a recovery of approximately ₹2,500 crore for creditors, with secured financial creditors receiving 74.89% of their claims. The CIRP was characterized by its complexity, involving multiple competing resolution plans, extensive stakeholder participation, and significant regulatory and judicial scrutiny. The process included prolonged litigation across various judicial forums, culminating in a landmark Supreme Court judgment that clarified the requirement for prior approval from the Competition Commission of India before the CoC could approve any resolution plan. The legal team from SAM involved in the transaction included: - **Soummo Biswas** - Partner - **Veena Sivaramakrishnan** - Partner - **Yugal Jain** - Principal Associate - **Aditi Tomar** - Senior Associate - **Ritika Sharma** - Associate - **Amandeep Saini** - Associate - **Arushi Handa** - Associate The litigation workstream was led by: - **Misha** - Partner - **Siddhant Kant** - Partner - **Abhilash Chaudhary** - Principal Associate - **Deepanjan Dutta Roy** - Principal Associate - **Moulshree Shukla** - Principal Associate - **Gayathri Balasubramanian** - Associate - **Sanjana Jha** - Associate The competition team comprised: - **Harman Singh Sandhu** - Partner - **Rohan Arora** - Partner The corporate team was led by: - **Tanavi Mohanty** - Partner

"Successful Resolution of Hindusthan National Glass Industries' Insolvency Yields ₹2,500 Crore for Creditors"

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