Announcement under Regulation 30 (LODR) - Intimation of filing of CoC approved Resolution Plan on 19th June, 2025 under the provisions of the Insolvency Bankruptcy Code, 2016
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries, currently under Corporate Insolvency Resolution Process (CIRP), has moved a key step closer to exiting insolvency. The Committee of Creditors (CoC) approved the Resolution Plan submitted by Independent Sugar Corporation Limited (INSCO) as the Successful Resolution Applicant. Following a Supreme Court order dated May 16, 2025, a Letter of Intent was issued to INSCO on June 14, 2025, and unconditionally accepted the same day. INSCO has submitted a Performance Bank Guarantee (PBG) of Rs 225.78 crore in two tranches (Rs 190.05 crore valid till Feb 13, 2026 and Rs 35.72 crore valid till June 13, 2026). The Resolution Professional has filed the Resolution Plan for approval with the NCLT Kolkata Bench on June 19, 2025 under Section 30(6) of the IBC, 2016.
This is a positive development for shareholders as the resolution plan — backed by a Rs 225+ crore bank guarantee — has cleared the most critical CoC hurdle and now awaits NCLT approval. Once approved, the company can exit CIRP, though equity holders remain at risk of dilution or write-down depending on the resolution plan's final terms.