Sintex-BAPL Creditors Approve Resolution Plan Following Voting

The committee of creditors of Sintex-BAPL Ltd., a material subsidiary of Sintex Plastics Technology Ltd., approved the resolution plan submitted by one of the resolution applicants following an electronic voting.

The e-voting concluded today and Sintex-BAPL’s creditors approved one of the applicants resolution plan with the requisite majority, Sintex Plastics’ Managing Director Amit Patel said in a stock exchange announcement.

The company, which didn’t disclose the name of the resolution applicant and the financial details, said the creditors also approved other regular matters related to the corporate insolvency resolution process (CIRP).

The creditors-approved resolution plan is subject to approval of the Ahmedabad bench of the National Company Law Tribunal (NCLT), according to the statement.

Sintex-BAPL is undergoing the CIRP pursuant to the NCLT’s order on 18 December 2020, it said.