India’s bankruptcy court admitted Sintex Plastics Technology Ltd. into insolvency resolution on a petition by its financial creditor Asset Reconstruction Company (India) Ltd.

The Ahmedabad bench of the National Company Law Tribunal (NCLT) pronounced its order on 21 February, Sintex Plastics said in a stock exchange announcement today.

Asset Reconstruction Company had filed the insolvency petition against the company for defaulting on a principal amount of 250 crore rupees ($30.19 million), it added.

Sintex Plastics said it will provide further details after written order becomes available.

Last year, the NCLT had approved True Guard Realcon Private Ltd.’s resolution plan for the company’s material subsidiary Sintex Prefab and Infra Ltd.

(Note: $1 = 82.8096 Indian rupees)

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