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Several companies, including Phoenix ARC and Edelweiss Asset Reconstruction Company backed by Kotak Mahindra Bank, have expressed interest in acquiring State Bank of India's loan to Hindusthan National Glass (HNG), according to sources familiar with the matter. Prudent ARC, UV ARC, and Omkara ARC are among the other entities that have submitted expressions of interest to SBI, as reported earlier. HNG, the largest glass bottle manufacturer in the country, entered corporate insolvency in October 2021 upon a petition by DBS Bank. SBI, with a 38% share in HNG's debt, filed a claim of Rs 12.72 billion. Recognising a significant delay in the resolution process under the Insolvency and Bankruptcy Code, SBI initiated talks with ARCs to sell the loan to HNG, with an auction scheduled for February 22 and a reserve price of Rs 8.21 billion. While Phoenix ARC and SBI did not provide comments, senior executives from Edelweiss ARC confirmed the development. HNG has received resolution plans from AGI Greenpac and Madhvani Group, with AGI Greenpac's Rs 22.13 billion plan awaiting approval from the National Company Law Tribunal, facing several litigations. A recent report by CRISIL revealed an alarming increase in the average resolution time from 324 days in March 2019 to 653 days in September 2023. The Insolvency and Bankruptcy Code mandates resolution within 330 days, after which liquidation is considered. Girish Juneja, the EY-backed resolution professional for HNG, admitted claims totalling Rs 37.85 billion, with Rs 33.35 billion from secured financial creditors. AGI Greenpac has proposed Rs 22.07 billion for secured financial creditors, representing a 66% recovery.