Sintex Industries’ lenders have accepted Reliance Industries (RIL) and Assets Care & Reconstruction Enterprise (ACRE )’s offer to purchase the debt-ridden textiles manufacturer through the insolvency resolution procedure. Sintex Industries’ Committee of Creditors (CoC) voted unanimously in favour of Reliance Industries and ACRE’s resolution plan, the firm reported in an exchange filing.
“As per Resolution Plan of Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited it is proposed that existing share capital of the company shall be reduced to Zero and the Company will be delisted from the stock exchanges i.e. BSE and NSE,” the company said.
Sintex Industries also got offers from Welspun Group firms Easygo Textiles, GHCL, and Himatsingka Ventures, as well as Shrikant Himatsingka and Dinesh Kumar Himatsingka, which were submitted to the CoC for evaluation during the voting procedure.
Sintex Industries was placed into insolvency in April of last year. Claims in the region of Rs 7,500 crore have been admitted against the corporation. According to the processes outlined in the Insolvency and Bankruptcy Code, the CoC must approve a bid with a 66 percent majority before it is sent to the NCLT for final approval.
Sintex went on to say that the Interim Resolution Professional is in the process of submitting an application to the NCLT for approval of the abovementioned resolution plan and that members will be notified as needed.
