Hindusthan National Glass & Industries Ltd Defaults on Rs 3,012.71 Crore Loan

Hindusthan National Glass & Industries Ltd (BSE: 515145, NSE: HINDNATGLS) has disclosed a total financial indebtedness of ₹3,012.71 crore as of 31 March 2025, with the entire amount currently classified as in default. This disclosure, submitted in compliance with SEBI regulations, reflects the company’s continuing financial challenges during its ongoing Corporate Insolvency Resolution Process (CIRP).

Breakdown of Financial Indebtedness

Particulars	Amount (₹ crore)
Outstanding loans and interest from banks and financial institutions	2,894.09
Outstanding unlisted debt securities (NCDs/NCRPS)	118.62
Total Indebtedness (long and short term)	3,012.71

All outstanding loans and accrued interest have been classified as default, following claims filed by lenders with the company’s Resolution Professional.

Background and Status of CIRP

The default traces back to a delay in meeting the terms of a One-Time Settlement (OTS) agreement signed on 25 September 2018 with the company’s lenders. Under the agreement, Hindusthan National Glass was to repay ₹2,805.48 crore (which included ₹2,583.40 crore in dues and ₹222.08 crore in non-fund-based facilities) by 25 November 2018. However, the company was able to pay only ₹789.27 crore, which prompted lender action and led to the initiation of the Corporate Insolvency Resolution Process.

On 21 October 2021, the National Company Law Tribunal (NCLT), Kolkata admitted the CIRP petition, and Mr. Girish Siriram Juneja was appointed as the Resolution Professional overseeing the process.

Creditors’ Claims Under CIRP

According to the CIRP proceedings:

• Total claims received from financial creditors amount to ₹3,335.09 crore
• Claims admitted stand at ₹3,334.93 crore
• There are 17 financial creditors involved, with 13 having admitted claims

Strategic Outlook

Once a leading name in the container glass manufacturing industry, Hindusthan National Glass & Industries continues to function under the supervision of the Resolution Professional. The company’s future will depend on the Committee of Creditors (CoC) and their approval of a feasible resolution plan, as outlined under the Insolvency and Bankruptcy Code.

About the Company

Founded in 1946 and headquartered in Kolkata, Hindusthan National Glass operates manufacturing facilities across several Indian states, including West Bengal, Haryana, Maharashtra, Rajasthan, Uttarakhand, Andhra Pradesh, and Puducherry. The company primarily serves the packaging needs of the beverage, liquor, pharmaceutical, and food industries.

In recent years, no dividends have been declared, and the company’s equity remains under close observation amid ongoing insolvency proceedings.

Note: The company has not accounted for interest on loans since the CIRP began in October 2021. All financial data is as per the latest stock exchange filing dated 20 May 2025.

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