The National Company Law Tribunal (NCLT) has officially approved a resolution plan for Hindustan National Glass & Industries Limited (HNGIL) valued at ₹2,071.50 crores, a significant development in the company’s insolvency proceedings. The resolution amount will be distributed among various creditors, with a substantial portion allocated to financial creditors.
The NCLT’s approval of the resolution plan, submitted by Independent Sugar Corporation Limited (INSCO), marks a key moment in the case initiated by DBS Bank Limited in October 2021. The plan received overwhelming support from the Committee of Creditors (CoC), with a 96.16% majority vote.
The resolution amount of ₹2,071.50 crores is distributed as…