Sintex Industries’ bankruptcy is nearing its end, and the business has received amended proposals
- ByStartupStory | February 7, 2022
Four businesses bidding for Sintex Industries, including Reliance Industries, have updated their proposals, which will now be presented to the debt-ridden textiles maker’s Committee of Creditors (CoC) for approval. According to media sources, Mukesh Ambani’s Reliance Industries Ltd is bidding for Sintex Industries with Assets Care & Reconstruction Enterprise for a total of Rs 2,800 crore.
Sintex Industries’ resolution professional has also received bids from Easygo Textiles, GHCL, and Himatsingka Ventures, as well as Shrikant and Dinesh Kumar Himatsingka. Last week, Sintex Industries announced that the Interim Resolution Professional had received amended Resolution Vision for the business from all four Prospective Resolution Applicants (PRA).
The NCLAT was considering an appeal filed by Amit Dineshchandra Patel, a former promoter of Sintex Industries, against a ruling of the National Company Law Tribunal’s Ahmedabad bench (NCLT). And then, Sintex Industries was placed under insolvency protection in April of last year. The business has acknowledged claims of roughly Rs 7,500 crore.
The Committee of Creditors (CoC) had its 15th meeting on January 25. The IRP would present the bids to the CoC, which would accept them with a 66 per cent majority before sending them to the NCLT for final approval, as required by the Insolvency & Bankruptcy Code.
Sintex Industries released its financial results for the October-December quarter last week, citing an increase of 80% in consolidated revenue from operations to Rs 942.66 crore from Rs 523.66 crore the previous year.
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