NCLT Approves Sintex-BAPL’s Resolution Plan

India’s National Company Law Tribunal (NCLT) approved the submitted resolution plan of Sintex-BAPL Ltd., a material subsidiary of Sintex Plastics Technology Ltd.

The Ahmedabad of the NCLT pronounced its order today, Sintex Plastics’ Company Secretary Ankit Sanchiher said in a stock exchange announcement.

The NCLT approved the resolution plan submitted by a consortium of Propel Plastic Products Private Ltd. and Plastauto Private Ltd., formerly known as Tubular Pipes Private Ltd., he added.

Sintex-BAPL’s creditors had earlier approved the resolution plan submitted by one of the resolution applicants following an electronic voting, without disclosing its name and financial details.

Bankrupt Sintex Plastics, whose interim resolution professional recently sought claim details from the company’s creditors, didn’t provide more details.

Sintex Plastics was admitted into insolvency resolution after its financial creditor Asset Reconstruction Company (India) Ltd. took it to the NCLT for defaulting on a principal amount of 250 crore rupees ($30 million).

(Note: $1 = 82.6993 Indian rupees)

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