20th August, 2025 Approval of Resolution Plan - Hindusthan National Glass & Industries Ltd. [I.A. (IB) (Plan) No. 16/KB/2025 in Company Petition (IB) No. 369/KB/2020] (14.14 MB)

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (SPECIAL), COURT NO. III KOLKAТА I.A. (IB) (Plan) No. 16/KB/2025 In Company Petition (IB) No. 369/KB/2020 An Application under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution process for Corporate Persons) Regulations, 2016, for the approval ofthe Resolution Plan. IN THE MATTER OF: DBS BANK LIMITED ... FINANCIAL CREDITOR. Versus HINDUSTAN NATIONAL GLASS & INDUSTRIES LIMITED And ... CORPORATE DEBTOR. IN THE MATTER OF: MR. GIRISH SIRIRAM JUNEJA, Registration number - IBBI/IPA-001/IP-P00999/2017-2018/11646, having its address at C/o EY Restructuring LLP, 14th Floor, Ruby, Senapati Bapat Marg, Dadar (W), Mumbai 400 028; Email: junejagirish31@gmail.com CORAM: ... RESOLUTION PROFESSIONAL (RP)/ APPLICANT. DATE OF PRONOUNCEMENT: 14/08/2025. DEEP CHANDRA JOSHI, MEMBER (JUDICIAL) BANWARI LAL MEENA, MEMBER (TECHNICAL) APPEARANCES: For RP: Mr. Abhrajit Mitra, Sr. Adv. Mr. Jishnu Chowdhury, Sr. Adv. For CoС: Mr. Vikram Wadehra, Adv. Ms. Sakshi Tiwari, Adv. Mr. Sakhya Sen, Sr. Adv.

WARI LAL MEENA, MEMBER (TECHNICAL) APPEARANCES: For RP: Mr. Abhrajit Mitra, Sr. Adv. Mr. Jishnu Chowdhury, Sr. Adv. For CoС: Mr. Vikram Wadehra, Adv. Ms. Sakshi Tiwari, Adv. Mr. Sakhya Sen, Sr. Adv.

KOLKAТА For INSCO: In Mr. Deepanjan Dutta Roy, Adv. Mr. Yugal Jain, Adv. Ms. Sanjana Jha, Adv. Ms. Rittika Sharma, Adv. Mr. Amandeep Singh, Adv. Mr. Rishav Banerjee, Adv. Mr. Kiran Sharma, Adv. Ms. Pooja Chakrabarti, Adv. Mr. Sagnik Aditya, Adv. ORDER Per Deep Chandra Joshi, Member (Judicial) and Banwari Lal Meena, Member (Technical):

1. The Court congregated through a hybrid mode.
2. Heard the Learned Senior Counsels/ Learned Counsels for the parties in extenso.
3. For the convenience of explication, this Order is divided into the following parts: Table of Contents A. PARTIES TO THE PROCEEDINGS: 4 B. PROLOGUE: .4 C. PARTICULARS OF THE CORPORATE DEBTOR: 5 D. ADMISSION IN CORPORATE INSOLVENCY RESOLUTION PROCESS (CIR PROCESS):..... .6 E. PUBLIC ANNOUNCEMENT: 7 F. COLLATION OF CLAIMS AND CONSTITUTION OF COMMITTEE OF CREDITORS (COC): 7 G. APPOINTMENT OF REGISTERED VALUERS AND TRANSACTIONAL AUDITORS: 9 H. CIRP AND ITS COMPLIANCES: 10 Page 2 of 71

UNCEMENT: 7 F. COLLATION OF CLAIMS AND CONSTITUTION OF COMMITTEE OF CREDITORS (COC): 7 G. APPOINTMENT OF REGISTERED VALUERS AND TRANSACTIONAL AUDITORS: 9 H. CIRP AND ITS COMPLIANCES: 10 Page 2 of 71

KOLKAТА In I. EVALUATIONS AND VOTING: 12 J. APPROVAL FROM THE COMPETITION COMMISSION OF INDIA (CCI):..... 14 K. PROCEEDINGS BEFORE THE NCLT, KOLKAТА: 15 L. CHALLENGING THE NCLT'S ORDER BEFORE THE HON'BLE NCLAT:.. 16 M. ASSAILING THE NCLAT'S DECISION BEFORE THE HON'BLE APEX COURT:. .17 N. RECONSIDERATION OF RESOLUTION PLANS IN VIEW OF THE JUDGMENT OF THE HON'BLE APEX COURT ON 29TH JANUARY 2025: ........ 18 O. REVIEW OF THE MAJORITY JUDGMENT DATED 29TH JANUARY 2025 OF THE HON'BLE APEX COURT: 19 P. FURTHER CONSIDERATION OF THE INSCO's PLAN IN VIEW OF THE REVIEW JUDGMENT DATED 16TH MAY 2025:. 21 Q. CONSTITUTION OF SPECIAL BENCH TO CONSIDER THE INSTANT CASE: 24 R. COMPLIANCES OF THE RESOLUTION PLAN SUBMITTED BY THE SRA WITH VARIOUS PROVISIONS UNDER THE I&B CODE AND CIRP REGULATIONS: 26 S. ABOUT SUCCESSFUL RESOLUTION APPLICANT - INDEPENDENT SUGAR CORPORATION LIMITED. 30 T.

OF THE RESOLUTION PLAN SUBMITTED BY THE SRA WITH VARIOUS PROVISIONS UNDER THE I&B CODE AND CIRP REGULATIONS: 26 S. ABOUT SUCCESSFUL RESOLUTION APPLICANT - INDEPENDENT SUGAR CORPORATION LIMITED. 30 T. SALIENT FEATURES OF THE RESOLUTION PLAN: 30 Business Proposal for Revival of Plants of the Corporate Debtor:..31 Financial Proposal in the Plan:. 32 Payment Proposal for CIRP Cost:. 33 Payment Proposal for Operational Creditors:. 33 Payment Proposal for Unsecured Financial Creditors: 34 Payment Proposal for Existing Shareholders:. 34 Payment Proposal for Dissenting Financial Creditors: 34 Payment Proposal for Secured Financial Creditors: 34 Payment Proposal for Additional Claims:. 35 Proposed Standalone Capital Reduction: 36 Treatment of the Secured Financial Debt and Existing Guarantees and other Securities: 36 Management of the affairs of the Corporate Debtor after approval of the Resolution Plan 37 Implementation and Supervision of the Plan (From Trigger Date till Reconstitution of Board): .37 Page 3 of 71

nagement of the affairs of the Corporate Debtor after approval of the Resolution Plan 37 Implementation and Supervision of the Plan (From Trigger Date till Reconstitution of Board): .37 Page 3 of 71

KOLKATА In U. PUFE TRANSACTIONS: 38 .39 V. ADHERENCE TO REGULATION 38(3): W. TIME FRAME PROPOSED FOR OBTAINING RELEVANT APPROVALS FROM THE COMPETENT AUTHORITIES: X. MERGER OF THE CORPORATE DEBTOR: .41 Y. RELIEFS, WAIVERS AND CONCESSIONS: Z. ORDER: 41 42 65 A. PARTIES TO THE PROCEEDINGS: 4. The present application has been preferred by Mr. Girish Siriram Juneja, the Resolution Professional of Hindustan National Glass & Industries Limited, hereinafter referred to as "Applicant"/ "RP" under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, for brevity "I&B Code" read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution process for Corporate Persons) Regulations, 2016, for brevity "IBBI (CIRP) Regulations", praying for the approval of the Resolution Plan submitted by the Independent Sugar Corporation Limited, in short "INSCO", approved by the Committee of Creditor (CoC) by 96.16% majority at its 41th meeting convened on 13th June 2025, minutes of the meeting is annexed at pages 1291

• 1298 to the application. B. PROLOGUE:

proved by the Committee of Creditor (CoC) by 96.16% majority at its 41th meeting convened on 13th June 2025, minutes of the meeting is annexed at pages 1291

• 1298 to the application. B. PROLOGUE:

5. At the 40th CoC meeting convened on 10th June 2025, the CoC deliberated upon the viability and feasibility of the Revised Resolution Plan dated June 08, 2025, submitted by INSCO and post conclusion of the discussions, the RP put out the plan for e-voting for the members of CoC from 11th June 2025 to 13th June 2025, and Page 4 of 71

KOLKATТА In the e-voting of the plan was concluded on 13th June 2025 and the RP called the 41st Meeting of CoC on 13th June 2025, wherein the INSCO's Revised Resolution Plan dated June 08, 2025, was approved by 96.16% majority by the CoC. The Copy of the Revised Resolution Plan dated June 08, 2025, approved by the CoC on 13th June 2025, and the approval from the Competition Commission of India, together with the Affidavit under Section 29A of the I&B Code submitted by INSCO, is annexed at pages 797-1273 to the application. 6. Upon instruction from the CoC, the RP issued the Letter of Intent ("Lol") to INSCO on 14th June 2025, and the same was unconditionally accepted by INSCO, and INSCO submitted the additional performance bank guarantee (PBG 2) on 17th June 2025, issued by DBS Bank India, annexed at pages 1299-1304 to the application. Subsequently, the INSCO was declared as the Successful Resolution Applicant (for brevity, "SRA"). C. РARTICULARS OF THE CORPORATE DEBTOR: 7.

Bank India, annexed at pages 1299-1304 to the application. Subsequently, the INSCO was declared as the Successful Resolution Applicant (for brevity, "SRA"). C. РARTICULARS OF THE CORPORATE DEBTOR: 7. Hindustan National Glass & Industries Limited is a company incorporated under the Companies Act, 1956, having its registered office at 2, Red Cross Place, Kolkata - 700 001. The Revised Resolution Plan dated June 08, 2025, envisages a broader understanding of the corporate debtor at page 40, as under: Page 5 of 71

2.2 KOLKAТА Registered Office Date of Incorporation Nature of Establishment Corporate Identification Number (C.I.N.) Major Operations Business In 2 Red Cross Place, Kolkata - 700 001, West Bengat, India February 23, 1946 Pubilc limited company within the meaning of such term under the Companies Act L26109WB1946PLC013294 The company is engaged in the business of manufacturing container glass 1 Rishra 2 Bahadurgarh 3 Rishikesh Plant Locations 4 Puducherry 5 Sinnar 6 Naidupeta 7 Neemrana The powers of board of directors of the Corporate Debtor are suspended during the CIRP Period from the ICD, as per the provisions of the Code and vest with the Resolution Professional. Equity Shareholding Pattem: equity share 2.3 Sr. No. Shareholder Category Number ot equity shares held Percentage of heid (% 2 Promoter and Promoter Group 2. Public Shareholders 29.27 Total 6,33,38,840 2.62,14,725 8,95,53,565 70.73% 100.00% *6,11,23,840 l.e.

older Category Number ot equity shares held Percentage of heid (% 2 Promoter and Promoter Group 2. Public Shareholders 29.27 Total 6,33,38,840 2.62,14,725 8,95,53,565 70.73% 100.00% *6,11,23,840 l.e. 96.50% of the total shares of Promoter and Promoter Group are pledged (As per Shareholding Pattern for Quarter Ending March 2025 avallable on BSE) 2.4 The existing authorised share capital ofthe Corporate Debtor is Rs. 511,50,00,000 (Rupees Five Hundred Eleven Crores and Fifty Lakhs Only). The existing issued and pald- up share capital of the Corporate Debtor Is Rs. 17,91,07,000/-(Rupees Seventeen Crores Ninety-One Lakhs and seven thousand only). D. ADMISSION IN CORPORATE INSOLVENCY RESOLUTION (CIR PROCESS): PROCESS 8. DBS Bank had rushed to this Tribunal, vide a petition preferred under Section 7 of the 1&B Code, to initiate the CIR Process in respect of Hindustan National Glass & Industries Limited, which was admitted on 21st October 2021, by this Adjudicating Authority and Mr. Girish Siriram Juneja was appointed as Interim Resolution Professional (IRP). Page 6 of 71

Glass & Industries Limited, which was admitted on 21st October 2021, by this Adjudicating Authority and Mr. Girish Siriram Juneja was appointed as Interim Resolution Professional (IRP). Page 6 of 71

KOLKAТА E. PUBLIC ANNOUNCEMENT: In 9. Pursuant to the Order dated 21st October 2021, the IRP in terms of Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, issued a public announcement under Form A on 23rd October 2021, for the invitation of claims from the creditors of the corporate debtor. F. COLLATION OF CLAIMS AND CONSTITUTION OF COMMITTEE OF CREDITORS (COC): 10. The Order dated 21st October 2021 was assailed higher up by one of the suspended directors by way of preferring an appeal being Company Appeal (AT) (INS) No. 884 of 2021, and the Hon'ble NCLAT rendered a stay upon constitution of CoC, which was vacated on 18th January 2022. 11. Acсordingly, the applicant, upon collation of all claims received from the various creditors of the corporate debtor as on 21st January 2022, verified and admitted a total financial claims of Rs. 2803,55,83,040/-, and constituted the CoC in accordance with Section 18(1)(c) of the 1&B Code read with Regulations 13(2)(d) and 17(1) of the IBBI (CIRP) Regulations, 2016, and submitted the report before this Adjudicating Authority on 22nd January 2022. The constitution of CoC, as provided at page 266 to the application, in a tabular form, is as under: Page 7 of 71

6, and submitted the report before this Adjudicating Authority on 22nd January 2022. The constitution of CoC, as provided at page 266 to the application, in a tabular form, is as under: Page 7 of 71

5r. No. Name of Financial Creditor Amount claimed (INR) 1 State Sank of India 1272,63,35,442/- KOLKAТА In Annexure G COMMITTEE OF CREDITORS OF THE CORPORATE DEBTOR Amount admitted (INR) 1078,19,84,185/- Amount under verification (INR) 194,43,51,257/- 2. Canara Bank 178,95,25,226/- 152,87,77,756/- 26,07,47,470/- 3. Bank of Baroda 46,46,40.858/- 38,21,71,221/- 8,24,69,637/- 4 Export-Import Bank of India 119,11,87,279/- 104,77,29,010/- 14,34,53,269/- 5. DBS 0ank Ltd., Singapore 423,50,87,943/- 395,45,00,674/- 28,05,87,269/- D8S Bank Indla ltd. 22,35,98,941/- 18,88,00,318/- 7. Edelweiss Asset Reconstruction Co. 789,22,33,408/- 593,49,35,244/- 3,47,98,622/- 195,72,98,164/- Ltd. 8. Standard Chartered Bank 59,41,02,626/- 36,42,78,763/- 22,98,23,863/- 3. Life Insurance 260,06,51,694/- 2.20,07,63,839/- 39,98,87,855/- Corporation India of 10. Goldman Sachs 175,77,65,065/- 165,16,42,028/- 10,61,23,037/- Intermational Bank TOTAL 3347,51,28,482/- 2803,55,83,040 543,95,45,442/- PLACE: Mumbal, India DATED: 21 January 2022 Interlm Resolution Professional For Hindusthan National Glass & Industries Ltd. Girish Siriram Juneja Registration No. IBBI/1PA-001/IP-P00999/2017-18/11646 12.

E: Mumbal, India DATED: 21 January 2022 Interlm Resolution Professional For Hindusthan National Glass & Industries Ltd. Girish Siriram Juneja Registration No. IBBI/1PA-001/IP-P00999/2017-18/11646 12. As per the compliance certificate of the applicant under Form

• H as envisaged under Regulation 39(4) of the IBBI (CIRP) Regulations, 2016, annexed at pages 1307-1433 to the application, the list of financial creditors of the corporate debtor being the members of the CoC and distribution of voting share among them is as under: SN Name of Creditors Voting Share (%)

State Bank of India 38.16 Page 8 of 71

KOLKAТА In 2. Edelweiss ARC - HDFC 8.30 3. Edelweiss ARC - HSBС 9.23 4. Edelweiss ARC - Axis Bank 4.98 5. Edelweiss ARC-L&T 0.77 6. DBS Bank Limited, Singapore 12.70 7. Life Insurance Corporation of India 7.80 8. Canara Bank 5.37 9. Goldman Sachs International Bank 5.27 10. Export-Import Bank of India 3.57 11. Exclusive Capital Limited 1.78 12. Bank of Baroda 1.39 13. DBS Bank India Limited 0.67 100 Total 13. The applicant states that, as on 3rd October 2022, the verified and admitted financial debt of the corporate debtor is Rs. 3,785.5 Crores only. 14. The First CoC meeting was convened on 28th January 2022, wherein inter alia, the CoC approved the appointment of the applicant as the Resolution Professional (RP) of the corporate debtor with a 100% voting majority. G. APPOINTMENT OF REGISTERED VALUERS AND TRANSACTIONAL AUDITORS: 15.

approved the appointment of the applicant as the Resolution Professional (RP) of the corporate debtor with a 100% voting majority. G. APPOINTMENT OF REGISTERED VALUERS AND TRANSACTIONAL AUDITORS: 15. Upon deliberation and approval of the CoC, the applicant in accordance with Regulation 27 of the IBBI (CIRP) Regulation, 2016, appointed two independent valuers namely RK Associates and RNC Valuecon LLP to determine the liquidation value of the corporate Page 9 of 71

KOLKAТА In debtor in respect of "Land and Building", "Plant and Machinery" as well as other "Securities and Financial Assets" of the corporate debtor. In the 10th CoC meeting convened on 18th August 2022 and in the 12th CoC meeting convened on 29th August 2022, the CoC inter alia decided to appoint a third valuer namely Kakode Associates Consulting Private Limited in light of the 'significant difference' in the estimates of the liquidation value of the securities and financial assets. It is submitted that the average fair value and the liquidation value of the corporate debtor is as under: a. Fair value = Rs. 3155.16 Crore. b. Liquidation value = Rs. 1977.47 Crore. 16. Further, the CoC approved the appointment of BDO India LLP as the transaction auditor to identify the nature of the transactions entered by the management of the corporate debtor prior to insolvency commencement date, involving PUFE transactions. Upon receipt of the audit report, the RP preferred an application under Section 66 of the 1&B Code, on 29th September 2022, for recovery of an alleged amount of Rs.

date, involving PUFE transactions. Upon receipt of the audit report, the RP preferred an application under Section 66 of the 1&B Code, on 29th September 2022, for recovery of an alleged amount of Rs. 63 Crore, before this Adjudicating Authority and the same has been numbered as I.A. (IB) No. 1179/KB/2022, which is pending for consideration. H. CIRP AND ITS COMPLIANCES: 17. Learned Counsel appearing on behalf of the RP would submit that in compliance of the Regulation 36A (1) of the IBBI (CIRP) Regulations, the applicant issued a public announcement on 25th March 2022, by way of "Form G" in the public newspapers for inviting Expression of Interest ("Eol") from the Prospective Resolution Applicants ("PRAs"). Page 10 of 71

KOLKAТА In 18. At the 4th CoC meeting convened on 22nd April 2022, the RP informed the CoC that six (6) PRAs submitted their Eols, and a few PRAs requested an extension of the timeline to submit Eols, which was due to expire on 24th April 2022. The CoC accordingly extended the timeline on 23rd April 2022, and the last date of submission of Eols was fixed on 9th May 2022. 19. On the last date of submission of Eol, the RP received Eols from thirteen (13) PRAS: Name of the PRAS Nirma Chemical Works Private Limited AGI Greenpac Limited Sr.

Eols was fixed on 9th May 2022. 19. On the last date of submission of Eol, the RP received Eols from thirteen (13) PRAS: Name of the PRAS Nirma Chemical Works Private Limited AGI Greenpac Limited Sr. No. 1. 2. 3. Independent Sugar Corporation Limited ("INSCO") 4. India FPI XI Holdings Singapore Pte Ltd 5. Jindal Power Limited 6. KLJ Resources Limited 7. Kotal Special Situation Fund 8. JM Financial Asset Reconstruction Company 9. Jindal Polyfilms Limited 10. SNJ Distilleries Private Limited 11. United Biotech Private Limited 12. Authum Investment & Infrastructure Limited 13. Lotus One Investment Pte Ltd 20. It is submitted that all 13 PRAs were found to be eligible as per the terms and conditions of the invitation of Eol and executed the confidentiality undertakings in terms of Regulation 36(4) of the IBBI (CIRP) Regulations. Page 11 of 71

KOLKAТА In 21. At the 5th CoC meeting convened on 18th May 2022, discussed and deliberated on the key terms of the Request for Resolution Plan (in short "RFRP") and the Evaluation Matrix (for brevity "EM"). 22. It is submitted that, complying with the provisions of Section 29 of the I&B Code, the RP furnished an Information Memorandum ("IM"), which contained all the documents and records related to the corporate debtor and uploaded the same on a Virtual Data Room ("VDR"). 23. The RP issued the RFRP upon approval of the CoC to all the PRAs on 24th May 2022.

l the documents and records related to the corporate debtor and uploaded the same on a Virtual Data Room ("VDR"). 23. The RP issued the RFRP upon approval of the CoC to all the PRAs on 24th May 2022. It is submitted that the RFRP, inter alia, contained the manner in which the resolution plan process would be conducted, the formats/ information that were to be submitted by the resolution applicants as part of the resolution plan and the timeline for submission of such resolution plan. 24. of It is submitted that the last date for submission resolution plans was extended from 23rd June 2022 to 23rd July 2022 in the 7th CoC meeting convened on 20th June 2022 and thereafter extended to 25th July 2022 as deliberated in the 8th CoC meeting convened on 20th July 2022, in view of the several requests for extension received from the PRAs. I. EVALUATIONS AND VOTING: 25. Learned Counsel for the RP submitted that as on the last date of submission of the Resolution Plan, three (3) resolution plans were received by RP from the following PRAS: i.AGI Greenpac Limited. Page 12 of 71

nsel for the RP submitted that as on the last date of submission of the Resolution Plan, three (3) resolution plans were received by RP from the following PRAS: i.AGI Greenpac Limited. Page 12 of 71

KOLKATА In ii.Independent Sugar Corporation Limited (INSCO). iii.Nirma Chemical Works Private Limited. 26. At the 9th CoC meeting convened on 27th July 2022, the resolution plans were opened before the CoC, and each prospective resolution applicant was invited to give a detailed presentation to the CoC in terms of its resolution plan. 27. Several meetings of the CoC were convened; several rounds of negotiations were conducted; a detailed review of all the plans was conducted to ensure that all the plans were in compliance with the applicable laws and regulations in force. RP appointed Grant Thornton Bharat LLP to conduct the verification of the eligibility of all the plans as per Section 29A of the 1&B Code. 28. At the 16th CoC meeting convened on 30th September 2022, the final resolution plans were discussed, and the CoC deliberated upon the viability and feasibility of each plan. The CoC discussed the business projections of each of the resolution applicants in detail, implementation steps, strategy for turning around the corporate debtor, experience of the resolution applicants, and technical capabilities to handle the corporate debtor. 29. The Bid Evaluation Advisor presented their observations and the final score assigned to each resolution plan based on their evaluation. 30.

technical capabilities to handle the corporate debtor. 29. The Bid Evaluation Advisor presented their observations and the final score assigned to each resolution plan based on their evaluation. 30. Post conclusion of the discussions, the Applicant opened the voting lines for CoC members from 3rd October 2022 to 27th October 2022, to vote on the resolution plans in their commercial wisdom. Page 13 of 71

KOLKAТА In 31. The e-voting on the resolution plans concluded on 27th October 2022, and the Applicant called the 17th meeting of the CoC on 28th October 2022, in which voting results were declared as follows: SN Resolution Plan submitted by the Resolution Applicant % Yes % No 1. AGI Greenpac Limited 98% 2% 2. INSCO 88% 12% 3. Nirma Chemical Works Private Limited 26% 74% 32. Accordingly, AGI Greenpac Limited became the H1 bidder after the conclusion of e-voting on 27th October 2022 and was declared as the Successful Resolution Applicant, in accordance with Regulation 39 of the IBBI (CIRP) Regulations, by securing the majority vote in the CoC. J. APPROVAL FROM THE COMPETITION COMMISSION OF INDIA (CCI): 33. The Clauses 3.3 and 4.1.1(k) of the Eol issued on 25th March 2022, in terms of Regulation 36A (1) of the IBBI (CIRP) Regulations, 2016, prescribed a mandatory requirement of approval from the Competition Commission of India (CCI) prior to the approval of the resolution plan, by the CoC. 34. AGI Greenpac Limited applied to the CCI on 27th September 2022 in Form I for approval of the proposed CIRP combination of taking over the corporate debtor.

val of the resolution plan, by the CoC. 34. AGI Greenpac Limited applied to the CCI on 27th September 2022 in Form I for approval of the proposed CIRP combination of taking over the corporate debtor. The said approval was rejected by the CCI on 22nd October 2022. Thereafter, AGI Greenpac, on 03rd November 2022, applied to CCI in Form II for approval of the C Page 14 of 71