Hindusthan National Glass & Industries Limited has informed the Exchange about submission of copy of 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 submitted by Independent Sugar Corporation Limited (INSCO) for Hindusthan National Glass & Industries Limited on August 14, 2025. The Corporate Insolvency Resolution Process (CIRP) was admitted against the company in October 2021, with admitted financial debt of around Rs. 2,603 crore. INSCO's revised resolution plan, dated June 8, 2025, was approved by the Committee of Creditors with a 96.16% voting majority on June 13, 2025. The plan includes a Rs. 190.05 crore performance bank guarantee. The approval comes after multiple rounds of litigation, including a Supreme Court ruling in January 2025 that set aside an earlier plan by AGI Greenpac due to lack of prior CCI approval, allowing INSCO's plan to be reconsidered and now approved.
This marks a significant step toward the company's revival under new management by INSCO. Existing shareholders typically receive minimal recovery in such resolution cases, but the end of the prolonged insolvency process removes some uncertainty. The stock may see mixed reaction as the focus shifts to implementation of the approved plan.