Disclosure of debt default as on 31.03.2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries has disclosed that its entire outstanding debt is in default as of March 31, 2025. Total loans from banks and financial institutions stand at Rs. 2,894.09 crores, with the full amount classified as default. Additionally, Rs. 118.62 crores in unlisted debt securities (NCDs and NCRPS) are also fully in default, taking total financial indebtedness to Rs. 3,012.71 crores. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by NCLT Kolkata in October 2021, with 17 financial creditors filing claims of approximately Rs. 3,335 crores, of which 13 claims totaling Rs. 3,334.93 crores have been admitted. A prior One-Time Settlement (OTS) agreement from 2018 was not honored, and the company has not been accruing interest on loans since the start of CIRP.
This disclosure confirms total default on all borrowings, reinforcing the company's insolvent status since October 2021. For shareholders, this is a negative signal indicating very high risk — equity value is likely to be significantly diluted or wiped out depending on the resolution plan approved by NCLT. The stock is highly speculative and suitable only for investors with very high risk tolerance.