Archive · 13 Sep 2025
NCLT Orders Ex-Promoters to Repay Defrauded Funds
The NCLT, a court for company matters, told the former owners of HNG to give back ₹42.46 crore.
This money was taken in a way that wasn't right.
The court said they took the money to cheat creditors, the people the company owed money to.
If the former owners don't pay up within two months, they might have their property taken.
The court is also going to start a criminal case against the former directors.
HNG had a plan to get back on its feet after being in debt.
The court has approved that plan in August 2025, and a new group will take over.
NCLT ordered ex-promoters of HNG to repay ₹42.46 crore.
The money was misappropriated, with intent to defraud creditors.
Criminal prosecution will be instituted against suspended directors.
Repayment must occur within two months, or properties will be seized.
Resolution plan for HNG was approved in August 2025.
- Who
- The NCLT, ex-promoters of HNG
- What
- Ordered ex-promoters to repay misappropriated funds.
- When
- Order issued September 12.
- Where
- Kolkata bench of the NCLT
- Why
- To return defrauded amount to debtors.
- Company
- Hindusthan National Glass & Industries Ltd (HNG)
- Promoters Ordered to Repay
- Sanjay Somany and Mukul Somany
- Amount to Repay
- ₹42.46 crore
- Reason for Repayment
- Misappropriation of funds
- Action
- Criminal prosecution ordered
- Resolution Plan
- Approved in August 2025