Disclosure of debt default as on 31.03.2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries has reported that its entire outstanding debt is in default as on March 31, 2025. The full Rs. 2,894.09 crore owed to banks and financial institutions is classified as defaulted, and all Rs. 118.62 crore of unlisted debt securities (NCDs/NCRPS) are also in default, taking total financial indebtedness to Rs. 3,012.71 crore. The company has been under the Corporate Insolvency Resolution Process (CIRP) since October 21, 2021, following an NCLT Kolkata order, with a Resolution Professional already appointed. A prior 2018 settlement deal with lenders required Rs. 1,710 crore in cash, but the company managed to pay only Rs. 789.27 crore before missing extended deadlines in 2019. Financial creditors have filed 17 claims worth about Rs. 3,335 crore, of which 13 claims totalling Rs. 3,334.93 crore have been admitted for verification under the insolvency process.
Shareholders face near-total risk of total loss as the company is deep into insolvency proceedings with virtually no revenue-generating debt restructuring success. The stock is effectively a penny stock carrying high recovery-risk uncertainty, and any resolution plan approved by NCLT will likely lead to significant dilution or write-off for existing equity holders.