Announcement under Regulation 30 (LODR) - Submission of copy of Order of Hon''ble NCLT Kolkata Bench dated August 14, 2025
Awaiting price reaction for this filing.
The NCLT Kolkata Bench on August 14, 2025 approved the resolution plan for Hindusthan National Glass & Industries Ltd submitted by Independent Sugar Corporation Limited (INSCO). The plan was approved by the Committee of Creditors with a 96.16% voting majority on June 13, 2025. The company was admitted into the Corporate Insolvency Resolution Process (CIRP) on October 21, 2021 after DBS Bank filed for insolvency, with admitted financial claims of around Rs. 2,803.56 crore and total verified financial debt of Rs. 3,785.5 crore. The process went through a complex legal journey including a Supreme Court judgment in January 2025 that set aside an earlier plan by AGI Greenpac, followed by a review judgment in May 2025 that ultimately paved the way for INSCO's plan to be reconsidered and approved. INSCO submitted performance bank guarantees totaling 10% of the resolution plan's gross present value.
This is a major positive development for the company as it exits the insolvency process after nearly 4 years. Existing shareholders face significant uncertainty as the plan includes a proposed standalone capital reduction, meaning equity holders are likely to be heavily diluted or written down. The stock may see volatility as the market digests the implications of the resolution plan on shareholder value.