# Approval of Resolution Plan - Hindusthan National Glass & Industries Ltd.

> NCLT judgment dated 2025-08-14. Citation: TCN-2025-NCLT-01222. The case pertains to an application filed by the Resolution Professional (RP) of Hindustan…

- **Court:** NCLT
- **Order date:** 14 Aug 2025
- **Citation:** TCN-2025-NCLT-01222
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/approval-of-resolution-plan-hindusthan-national-glass-industries-ltd-6428dd5b

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Hindustan National Glass & Industries Limited, seeking approval of the resolution plan submitted by Independent Sugar Corporation Limited (INSCO). The Committee of Creditors (CoC) had approved the plan with a 96.16% majority.

## Facts

DBS Bank initiated CIRP against Hindustan National Glass & Industries Limited under Section 7 of the I&B Code.

Girish Siriram Juneja was appointed as the Interim Resolution Professional (IRP).

The CoC was constituted, and a public announcement was made to invite claims from creditors.

Independent Sugar Corporation Limited (INSCO) submitted a resolution plan that was approved by the CoC with a 96.16% majority.

The resolution plan proposes a total plan amount of Rs. 22,57,83,00,000/- against the total admitted claim of Rs. 37,85,55,95,937/-.

The resolution plan includes provisions for payment of CIRP costs, operational creditors, secured financial creditors, and dissenting financial creditors.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the …

**Ratio:** The Resolution Plan must provide for the payment of insolvency resolution process costs,

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**Reasoning:** Section 30(2) of the I&B Code lays down the mandatory requirements for a resolution

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**Interpretation:** The Adjudicating Authority must ensure that the resolution plan adheres to all

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by INSCO

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Girish Sriram…; Girish Siriram…
- **Respondents:** Hindustan…
- **Other parties:** DBS Bank L…; State Bank of…; +15 more
- **Advocates:** Abhrajit…; Jishnu Cho…; +12 more

## Timeline

- **2021-10-21 — Admission o…**: CIRP initiated against Hindustan…
- **2025-06-13 — CoC Appr…**: The CoC approved the resolution plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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