The Madhvani Group company INSCO on Thursday said it has initiated the process of taking over debt-ridden Hindustan National Glass & Industries Ltd (HNG) following the approval of its Rs 2,250 crore resolution plan by the National Company Law Tribunal (NCLT).
The Monitoring (or Transition) Phase will run for 45 days from the date of NCLT approval, INSCO said in a statement.
"During this period, all transitional matters will be overseen to ensure a smooth handover. All concerns, communications, or queries relating to HNGIL are to be addressed to the Monitoring Committee," it said.
On August 14, 2025, the NCLT's Kolkata bench approved the resolution plan submitted by Independent Sugar Corporation Ltd (INSCO) for the revival of HNG.
On June 13, 2025, the Committee of Creditors (CoC) approved the plan with an overwhelming 96.16 per cent majority.
At the end of this 45-day monitoring phase, complete control of HNG will pass to the Madhvani Group, it said, adding that the Monitoring Committee will step down and a new board nominated by the Group will take charge.
"The company is confident that this process will pave the way for the successful revival and long-term sustainability of HNGIL, as INSCO takes over control of the corporate debtor upon completion of the 45-day monitoring period," the company's spokesperson said.
The Uganda-based Madhvani Group will begin implementing its approved resolution plan, which includes fresh investments, operational improvements, and measures to put the company back on a growth path, it added.
According to the NCLT order, the plan involves a total investment of Rs 2,250 crore, comprising Rs 1,900 crore in upfront cash, Rs 350 crore deferred over 3 years to CoC and 5 per cent equity to creditors.
As per the resolution plan, the upfront cash will be paid within 30 days of NCLT approval, with additional working capital infusion and equity issuance to CoC members to be completed within 90 days.
Further, INSCO has committed Rs 1,000 crore in capital expenditure over the coming years to rebuild furnaces and modernise equipment.
