Disclosure of debt default as on June 30, 2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries Limited, currently under Corporate Insolvency Resolution Process (CIRP), has disclosed that its entire outstanding debt is in default. The company owes Rs. 2,894.09 crore to banks and financial institutions, with the full amount classified as default. An additional Rs. 118.62 crore in unlisted debt securities (NCDs and NCRPS) is also fully defaulted, taking total financial indebtedness to Rs. 3,012.71 crore. The company entered CIRP on October 21, 2021 after a 2018 one-time settlement agreement with lenders failed. So far, 17 financial creditors have filed claims totaling Rs. 3,335 crore, of which 13 claims worth Rs. 3,335 crore have been admitted. The company has not been booking interest on these loans since CIRP commenced.
This filing confirms the company remains in deep financial distress with 100% of its debt in default and active insolvency proceedings underway. Shareholders face significant uncertainty as resolution under IBC will determine the fate of the company and any remaining equity value, which is likely minimal given the scale of admitted claims.