Reliance Industries Ltd in partnership with Assets Care & Reconstruction Enterprise Ltd has submitted a resolution plan for the corporate insolvency resolution process (CIRP) of the bankrupt textile and yarn-maker Sintex Industries Ltd, the Halol-based company said in a regulatory filing to the stock exchange.
The joint resolution plan filed by Reliance Industries and Assets Care & Reconstruction Enterprise Ltd is among the four that have submitted bids for the Sintex Industries. Others in the fray include Easygo Textiles Private Limited (Welspun Group), GHCL Limited and Himatsingka Ventures Private Limited, and Shrikant Himatsingka and Dinesh Kumar Himatsingka.
Sintex Industries Resolution plans
“Resolution plans received shall be evaluated by the Interim Resolution Professional (IRP) and then shall be placed before the Committee of Creditors (CoC) for its further consideration,” Sintex Industries informed the stock exchange.
Sintex Industries, founded in 1931, was admitted into the insolvency process by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) in April this year on a petition brought by Invesco Asset Management (India) Pvt Ltd seeking to recover ₹15.4 crore as principal and interest of non-convertible bonds.
The IRP Pinakin Shah has admitted ₹7,534.6 crore in claims from 27 financial creditors including HDFC Bank, Axis Bank, RBL, Aditya Birla Finance, IndusInd Bank, Life Insurance Corporation, State Bank of India, Punjab National Bank, Punjab & Sind Bank and Karnataka Bank.