Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan

Lenders of the Kolkata based Hindusthan National Glass and Industries currently undergoing insolvency resolution process have voted in favour of AGI Greenpac Limited’s plan, according to people close to the development. 

AGI Greenpac’s Rs 21 billion resolution plan received 98 per cent votes of the committee of creditors while Uganda based Madhvani group got 88 per cent votes. The third bid by detergent and soap maker Nirma Chemical group got the lowest vote with 24 per cent of the lenders voting for its plan, sources said.

The voting on the resolution plans concluded on Thursday evening. Mumbai based listed company AGI Greenpac, was earlier known as Hindustan Sanitaryware & Industry limited. 

The insolvency proceedings against HNG were initiated by DBS bank, one of the financial creditors of the company in October last year. According to reports, HNG India’s largest container glass maker, owes a consortium of 12 banks and lenders led by State Bank of India around Rs 1,710 crore. 

Trading of Hindusthan National Glass on the Bombay Stock exchange is restricted currently due to the ongoing insolvency proceedings and will resume once the process is concluded. 

The debt-ridden company had tried corporate debt restructuring several rimes before it was taken to insolvency in the last four years. HNG’s resolution professional Girish Siriram Juneja did not respond to Business Standard’s queries.