The National Company Law Appellate Tribunal (NCLAT) has refused to stay the National Company Law Tribunal's (NCLT) order approving the resolution plan for Hindustan National Glass & Industries Ltd (HNG). This decision comes despite appeals from various parties, including AGI Greenpac Ltd, Mukul Somany, Exclusive Capital Ltd, and operational creditor Soneko.

Resolution Plan Details

The approved resolution plan, submitted by Independent Sugar Corporation Ltd, involves a total investment of ₹2,250.00 crore. The key components of the plan include:

• ₹1,900.00 crore as upfront cash payment
• ₹350.00 crore deferred over a 3-year period
• 5% equity to be given to creditors

The Committee of Creditors had previously approved this plan with a significant majority of 96.16%.

NCLAT's Decision and Next Steps

While declining to stay the NCLT's order, the NCLAT has taken the following actions:

1. Issued notices to the respondents
2. Set a three-week deadline for replies
3. Scheduled the next hearing for October 9

It's worth noting that the NCLT's approval of the resolution plan was in line with directions from the Supreme Court.

Ongoing Implementation

Despite the pending appeals, the implementation of the resolution plan continues during the 45-day Monitoring Phase. The successful applicant remains bound by the obligations outlined in the plan, subject to the outcomes of the ongoing appeals.

This case highlights the complex nature of corporate resolution processes and the various stakeholders involved. As the situation develops, it will be crucial to monitor the NCLAT proceedings and their potential impact on HNG's future.

Hindustan National Glass & Industries Limited (HNGIL) has appointed Shri Kishor Chamanlal Doshi as an Additional Non-Executive Non-Independent Director, effective August 25, 2025. This strategic appointment comes in the wake of the company's corporate insolvency resolution process and is specifically aimed at executing documents and filing forms required to implement the approved resolution plan.

Resolution Plan Approval

The resolution plan, submitted by Independent Sugar Corporation Limited (INSCO), was approved by the National Company Law Tribunal (NCLT) on August 14, 2025. This marks a significant step in HNGIL's corporate restructuring process.

About Kishor Chamanlal Doshi

Shri Kishor Chamanlal Doshi brings a wealth of experience to his new role:

• Qualified as a Chartered Accountant in 1980 from the Institute of Chartered Accountants of India
• Over 45 years of extensive experience in audit, tax, corporate law, and bank finance
• Diverse industry exposure including salt, sugar, container glass, and hospitality sectors
• International experience spanning Uganda, Tanzania, Lebanon, UK, and UAE

Appointment Details

Professional Background

Doshi's career highlights include:

• Accounts Executive at Saurashtra Salt Works Pvt. Ltd., Mumbai (1979-1985)
• Finance Director at Gujarat Mulco Electronics Ltd., Umargaon, Gujarat (1985-2004)
• Finance Head at Saurashtra Impex Ltd., Mumbai (2005-Present)

In his current role at Saurashtra Impex Ltd., Doshi is responsible for administration, finance, and overall professional management of the company.

Regulatory Compliance

The appointment was approved by the Monitoring Committee of HNGIL, which was constituted in accordance with the Approved Resolution Plan. The company has confirmed that Shri Doshi is not debarred from holding the office of Director by virtue of any SEBI order or any other Adjudicating Authority order.

This appointment is a crucial step in Hindustan National Glass & Industries' path forward, as the company works to implement its resolution plan and navigate through its post-insolvency phase.