Sintex Plastics’ Lenders Opt For New Resolution Professional

The creditors of Sintex Plastics Technology Ltd. passed the resolution to change the company’s interim resolution professional (IRP) with another resolution professional.

The creditors, who met on 3 July, voted to replace the IRP with the requisite majority, Sintex Plastics said in a stock exchange announcement today. It didn’t reveal the name of new resolution professional.

The National Company Law Tribunal (NCLT) had appointed Kshitiz Chhawchharia as the company’s IRP in February.

The company said the creditors also passed the resolution, approving the fees of existing IRP until the NCLT gives the nod for the appointment of new resolution professional.

Sintex Plastics is undergoing corporate insolvency resolution process (CIRP) since 21 February after the NCLT admitted its financial creditor Asset Reconstruction Company’s petition against the company, claiming a default on a principal amount of 250 crore rupees ($30.5 million).

The IRP received a total claim of 1,075.67 crore rupees from its creditors as of 20 March.

(Note: $1 = 81.9518 Indian rupees)

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