The first-order transformation of the supercooled liquid into the glacial state of triphenyl phosphite was investigated by differential scanning calorimetry (DSC) using two different thermal procedures. In the first procedure the transformation was analyzed by heating run DSC experiments. The glaciation process was interpreted as an aborted crystallization because of a high nucleation rate in a temperature range where the crystal growth is low. This relative separation between the nucleation- and growth-rate curves suggests that the glacial state can be described as a supercooled liquid-nanocrystalline mixed phase, characterized by a high-density nucleation which frustrates further crystallization. In a second procedure, DSC experiments were carried out during isothermal transformations of the supercooled liquid into the glacial state. The sigmoidal shapes of DSC isotherms are interpreted as transient kinetics of nucleation rather than nucleation and growth processes.