Sintex Industries Ltd. said the National Company Law Tribunal (NCLT) reserved its order on approving the company’s resolution plan.

The Ahmedabad bench of the NCLT reserved its order following a hearing on 16 January, the spinning and textiles company said in a stock exchange announcement. It didn’t say when the NCLT will issue its order.

The company’s creditors in March 2022 approved a resolution plan submitted by Reliance Industries Ltd. along with Assets Care & Reconstruction Enterprise Ltd. following an electronic voting.

The interim resolution professional (IRP) of Sintex later filed the creditors-approved resolution plan with the NCLT to seek its approval.

The corporate insolvency resolution process (CIRP) was initiated against Sintex Industries with effect from 6 April 2021, and Pinakin Shah was appointed as an IRP of the company.