The HNG acquisition by AGI is challenged by the Kenyan company – international sugar, who were number 2 in the bidding round of HNG. They quoted much less than AGI.
Their plea is on flimsy ground that CCI approval was given to AGI post facto.
They first filed their appeal in NCLT and subsequently in NCLAT – which they lost.
Now they have appealed in Supreme court in October.
SC is yet to hear.
My only point here is these delays on flimsy grounds defeat the very purpose of IBC wherein despite losing bids losers keep filing petitions to scuttle the process. In the end HNG, it’s employees and other stakeholders are big time losers.
| Subscribe To Our Free Newsletter |
