NCLT Extends CIRP Period for Hindustan National Glass by 90 Days

The National Company Law Tribunal (NCLT) has extended the Corporate Insolvency Resolution Process (CIRP) period for Hindustan National Glass and Industries Ltd. by 90 days from February 10, 2025. This extension is part of ongoing efforts to resolve the company's insolvency, which began in October 2021. The CIRP process has been complex, with multiple bidders, including AGI Greenpac and INSCO, vying for control. Recent legal developments have favored INSCO's resolution plan following a Supreme Court ruling that quashed AGI Greenpac's proposal due to regulatory non-compliance. The extension provides additional time to finalize the resolution process.

Source: Reuters, NCLT, Business Standard