Bankruptcy & Restructuring
NCLT To Issue Sintex Industries’ Insolvency Resolution Order On Friday
The Ahmedabad bench of National Company Law Tribunal will pronounce the order
India’s bankruptcy court is scheduled to pronounce its order on Sintex Industries Ltd.’s insolvency resolution on Friday (10 February).
The Ahmedabad bench of the National Company Law Tribunal (NCLT) will pronounce the order on the spinning and textiles company’s resolution plan, Sintex said in a stock exchange announcement.
Last month, the NCLT reserved its order on the company’s resolution plan, which was approved by its creditors in March 2022.
The creditors had approved a resolution plan submitted by Reliance Industries Ltd. along with Assets Care & Reconstruction Enterprise Ltd. following an electronic voting.
The corporate insolvency resolution process was initiated against Sintex Industries with effect from 6 April 2021.
