Hindusthan National Glass & Industries Limited has informed the Exchange about pronouncement of Order dated August 14, 2025 under Section 31 of the IBC, 2016 approving Resolution Plan for the Company by the Hon'ble NCLT, Kolkata Bench
Awaiting price reaction for this filing.
The NCLT Kolkata Bench has approved the Resolution Plan for Hindusthan National Glass & Industries Limited under Section 31 of the Insolvency and Bankruptcy Code, 2016. The plan was submitted by Independent Sugar Corporation Limited (INSCO) through the Resolution Professional and Committee of Creditors. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP). This is a follow-up to an earlier disclosure from June 20, 2025, when the resolution plan was filed for approval. The written order is awaited and further disclosures will follow once it is received.
Resolution plan approval is a positive step that paves the way for the company's revival under new management (INSCO). Existing shareholders, however, may face significant dilution or loss of value as is typical in IBC resolutions, where financial creditors are prioritised over equity holders.