NCLT Reserves Order On Sintex Industries’ Resolution Plan

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.