Announcement under Regulation 30 (LODR) - Updates in relation to the Orders passed by the Hon''ble NCLT Kolkata Bench dated 30th April, 2025 and 13th June, 2025 in the matter of DBS Bank ....
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries, which is already undergoing Corporate Insolvency Resolution Process (CIRP), disclosed NCLT Kolkata orders dated April 30, 2025 and June 13, 2025 in a case filed by DBS Bank. The April 30 order had a split decision between the Judicial and Technical Members, with the Judicial Member allowing intervention and directing IBBI to replace the current Resolution Professional (RP), while the Technical Member rejected the intervention. After referral to a Third Member/Special Bench, the June 13 majority order affirmed the applicant's right to intervene in the CIRP and directed IBBI to replace the existing Resolution Professional in accordance with law. A copy of the order has been forwarded to IBBI for action.
For shareholders, this order means the company now faces a change in its Resolution Professional during an ongoing insolvency process, which could prolong the CIRP timeline and keep uncertainty elevated. Equity holders in an insolvent company typically face significant dilution or wipeout risk under resolution, and this development does not improve that outlook.