In an unprecedented move, the workers’ union of Hindustan National Glass & Industries Ltd (HNGIL) has written to Finance Minister Nirmala Sitharaman, raising serious concerns about the conduct of the Competition Commission of India (CCI) in the ongoing ₹2,200 crore Corporate Insolvency Resolution Process (CIRP) of the company. The letter, dated April 6, 2025, seeks immediate intervention from the Ministry of Corporate Affairs (MCA), alleging that CCI’s actions threaten to derail the resolution process and serve the interests of a private party—AGI Greenpac.
AGI Greenpac is the second-largest player in the glass packaging industry, proposed a resolution plan to acquire 100% of Hindustan National Glass & Industries Ltd. (HNGIL)’s shares.
The union has objected to CCI’s decision to file a review petition before the Supreme Court on February 25, 2025, challenging the apex court’s final judgment delivered on January 29, 2025. The judgment had quashed AGI Greenpac’s resolution plan and cleared the path for concluding the CIRP, which was initiated back in October 2021.
The Supreme Court invalidated AGI Greenpac’s resolution plan for Hindustan National Glass & Industries Ltd. (HNGIL) due to non-compliance with the Insolvency and Bankruptcy Code (IBC), specifically lacking prior approval from the Competition Commission of India (CCI). The court ordered the Committee of Creditors (CoC) to reconsider resolution plans that had the requisite CCI approval as of October 28, 2022, the date the CoC voted on the plans. Legal experts said this is a landmark judgement which means “the CoC will now reconsider the INSCO resolution plan”
Calling CCI’s move “contrary to the final judgment of the Hon’ble Supreme Court,” the letter from Union claims that the regulator’s stance appears to support AGI Greenpac—whose plan was categorically rejected by the Court. AGI had filed its own review petition on February 11, but kept it defective until after CCI’s petition was listed. The union alleges this sequence points to strategic coordination between the regulator and the failed bidder.
The union warns that the review petition could delay the already prolonged insolvency process, jeopardizing the future of more than 10,000 workers. “If the process is derailed or pushed toward liquidation, AGI Greenpac could effectively become a de facto monopoly,” the letter says, raising red flags about anti-competitive outcomes.
Over half of HNGIL’s financial exposure lies with public sector banks, with SBI alone holding nearly 38%. A delay or liquidation, the union argues, would lead to massive value erosion and significant public financial loss.
Terming CCI’s actions a violation of rule of law and defiance of the Supreme Court, the union has called on the government to immediately restrain the regulator from pursuing its review petition and to investigate the conduct of CCI officials involved.
The letter concludes by urging the government to protect the interests of workers, financial institutions, and market competition, while ensuring the timely resolution of the HNGIL insolvency case.
