Hindusthan National Glass has appealed an insolvency petition launched against them by a bank.
The Indian glass container manufacturer was hit by a Corporate Insolvency Resolution Process (CIRP) by DBS Bank, one of its financial creditors.
Filings by DBS Bank state that it had extended external commercial borrowings (ECBs) of up to $20 million and $40 million.
The petition was filed on October 21 and an indepenetdet adjudicator has been appointed to investigate. A resolution is expected within 105 days of the insolvency date.