HSBC drags Hindusthan National Glass and Industries to court

HSBC has dragged Hindusthan National Glass and Industries, country's largest glass bottle maker, to court over loan repayment delay although all other banks have agreed to the Corporate Debt Restructuring proposal.   HSBC has also asked CARE for a downgrade of the company.

However, the rating agency has not done that in their September review. Battered by continued slowdown in alcoholic, soft drinks as well as other beverage consumption, HNG, like many other companies in core sector, had gone for debt restructuring and got its proposal for Corrective Action Plan approved by Joint Lenders Forum.

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