Resolve this: How India's insolvency process drags on, erodes asset value

Litigation tactics of corporate debtors and poor judicial infrastructure among reasons for delay

When firefighters put off a blaze at a plant Hindustan National Glass (HNG) owns in Nashik on the evening of December 29 last year, it was the third such accident at the bankrupt company’s facilities since 2022. There was a fire in Rishra near Kolkata in 2022 and another in Naidupeta, Andhra Pradesh, in mid-2023 as four furnaces of the glass manufacturer and can’t be repaired shut as the insolvency process drags on.

“This plant (in Nashik) will now close down for the foreseeable future. Similar stories of furnaces catching fire are being heard from other factories also. Delay in (insolvency)