Hindusthan National Glass & Industries Limited has informed the Exchange about intimation regarding filing of CoC approved Resolution Plan on 19th June, 2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries, currently undergoing Corporate Insolvency Resolution Process, has filed the Resolution Plan approved by the Committee of Creditors with the NCLT Kolkata Bench on June 19, 2025. Independent Sugar Corporation Limited (INSCO) has been confirmed as the Successful Resolution Applicant, having submitted a Performance Bank Guarantee of INR 225.78 Crores (in two tranches of INR 190.05 Crores and INR 35.72 Crores). INSCO accepted the Letter of Intent on June 14, 2025, after the Supreme Court directed the process in its May 16, 2025 order. The filing is now awaiting NCLT approval under Section 30(6) of the Insolvency and Bankruptcy Code, 2016.
This is a significant positive milestone for the company's insolvency resolution journey, indicating a credible bidder is lined up to revive the glass manufacturer. However, existing equity shareholders typically face heavy dilution or minimal recovery in IBC resolutions, so the stock may remain volatile pending NCLT approval.