The corporate insolvency resolution process (CIRP) of Hindusthan National Glass & Industries Ltd. (HNGIL) — India’s oldest and once-largest container glass manufacturer — has snowballed into a full-blown regulatory and legal storm.
A 39-page legal notice addressed to the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Ministry of Finance, the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India (IBBI), and the Parliamentary Standing Committee on Finance has accused the resolution applicant, Independent Sugar Corporation Limited (INSCO), of pushing through a financing structure that is opaque, unlawful, and in direct violation of the country’s financial regulations and…