Hindusthan National Glass & Industries Limited has informed the Exchange about further disclosures in respect of Approved Resolution Plan and the Order of Hon'ble NCLT Kolkata Bench dated August 14, 2025
Awaiting price reaction for this filing.
The NCLT Kolkata Bench has approved the resolution plan for Hindusthan National Glass & Industries Limited (HNGIL) under the IBC, with Independent Sugar Corporation Limited (INSCO), a Madhvani Group company, as the successful resolution applicant. INSCO will infuse a total of INR 2,165.58 Crores into the company, including INR 1,901.55 Crores upfront on the Trigger Date. The plan provides for INR 2,115.03 Crores to secured financial creditors, INR 43.46 Crores to operational creditors, INR 6.55 Crores to statutory dues, and INR 0.54 Crores to employees. Additionally, INSCO has budgeted about INR 1,000 Crores to rebuild all furnaces over the coming years. Post-implementation, INSCO will own 100% of the company, and all existing equity shares will be delisted from NSE, BSE, and Calcutta Stock Exchange with no consideration paid to existing shareholders. The pre-resolution net worth was deeply negative at INR (431.67) Crores, and total admitted financial debt stood at approximately INR 3,785.5 Crores.
Existing shareholders will be completely wiped out — all their shares will be delisted and cancelled with no exit payment. The stock will effectively cease to exist as a traded entity, making it worthless for current retail investors. This is the final step in a lengthy insolvency process that began in October 2021.