Hindusthan National Glass & Industries Limited has informed the Exchange about updates relating to the Order passed by Hon''ble NCLAT Principal Bench, New Delhi dated 08.07.2025
Awaiting price reaction for this filing.
Hindusthan National Glass & Industries Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), informed exchanges about an NCLAT (National Company Law Appellate Tribunal) order dated July 8, 2025. The company and others had appealed against NCLT Kolkata's orders dated April 30, June 10, and June 13, 2025, which had directed the replacement of the Resolution Professional (RP) based on a majority opinion. NCLAT ruled that there was no majority opinion on the question of replacing the RP, and set aside the NCLT direction to replace the RP with IBBI. NCLAT has directed the NCLT to proceed with hearing the Plan approval application forthwith, as per the Supreme Court's May 16, 2025 directions. The company is in CIRP since 2020 (CP(IB) No.369/KB/2020), filed by DBS Bank.
This is a positive development for the company as the NCLAT has set aside the NCLT's direction to replace the current Resolution Professional, providing stability to the ongoing resolution process. Shareholders should note that the resolution plan approval hearing will now proceed, which is a key step towards determining the company's future and potential recovery for stakeholders.