Sintex Industries

NCLAT dismisses ex-Sintex Industries CMD Rahul Patel's plea on insolvency

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of Rahul Arunprasad Patel, former chairman and managing director of Sintex Industries, challenging the insolvency case initiated against the debt-ridden textiles maker. A two-member NCLAT bench upheld the earlier order passed by the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had on April 6, 2021, directed to initiate a Corporate Insolvency Resolution Process (CIRP) against Sintex Industries over the plea filed by Invesco Asset Management (India). "We do not find any merit in the appeal to interfere with the order impugned passed by the adjudicating authority. The impugned order dated April 6, 2021, passed by the adjudicating authority is hereby affirmed. The instant appeal is hereby dismissed," said NCLAT. CIRP of Sintex Industries is almost near completion, where a joint bid by Reliance Industries Ltd and Assets Care and Reconstruction Enterprise has been voted with a 98.88 per cent .

Updated On : 03 Mar 2023 | 9:57 PM IST

Sintex Industries Q2 net loss widens to Rs 278 crore, expenses surge 23%

Textiles maker Sintex Industries on Monday reported widening of consolidated net loss to Rs 277.93 crore for September quarter 2022-23. The company had incurred a net loss of Rs 181.92 crore during July-September period a year ago, Sintex Industries said in a regulatory filing. Revenue from operations was up at Rs 692.16 crore from Rs 614.87 crore in the year-ago period. Total expenses were at Rs 1,003.92 crore, higher by 23.03 per cent from the year-ago quarter. Sintex Industries is going through an insolvency resolution process. Its lenders have approved the resolution plan (RP) submitted by Reliance Industries jointly with Assets Care & Reconstruction Enterprise on March 19, 2022. The interim resolution professional (IRP) has submitted the RP before the Ahmedabad bench of the National Company Law Tribunal (NCLT) for its approval. "As on date, approval of the resolution plan is pending before NCLT Ahmedabad," Sintex Industries said.

Updated On : 07 Nov 2022 | 7:29 PM IST

Reliance Industries, ACRE bid for Sintex filed before NCLT for approval

The joint bid of Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden Sintex Industries has been moved before the NCLT for its approval after getting unanimously selected by the lenders of the textiles maker. The resolution professional of Sintex Industries has filed the resolution plan by RIL and ACRE, as approved by the Committee of Creditors (CoC) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT), said a regulatory filing. "... we would like to inform that the Interim Resolution Professional of the Company has duly filed the resolution plan as approved by the CoC with the NCLT, Ahmedabad Bench on 23rd March, 2022, in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016," it said. As per the IBC procedures, RP has to submit the resolution plan as approved by the CoC to NCLT under Section 30(6) of IBC, which gives its final approval. Earlier this week, Sintex Industries, which is going through the ...

Updated On : 24 Mar 2022 | 9:03 PM IST

Sintex lenders to seek extra time from NCLT to complete resolution process

Lenders of Sintex Industries will approach the National Company Law Tribunal (NCLT) to seek an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP) and select a bidder for the debt-ridden textiles maker. The Committee of Creditors (CoC) in a meeting held on Monday "discussed and approved the proposal for extension of CIRP period beyond 330 days", Sintex Industries said in a regulatory filing. An application in this regard will be filed before the Ahmedabad bench of NCLT for the same, it added. Under the Insolvency & Bankruptcy Code, a CIRP has to be concluded within a maximum limit of 330 days, failing which the company has to face liquidation. Four companies, including Reliance Industries, are in the race to acquire Sintex Industries and have filed their bids, on which CoC has to take a decision through a voting process. Mukesh Ambani-led Reliance Industries Ltd is jointly bidding with Assets Care & Reconstruction Enterprise for Sintex ...

Updated On : 22 Mar 2022 | 8:17 PM IST

Reliance-ACRE combine wins race for ailing textile firm Sintex Industries

Lenders approve resolution plan with 100% vote

Updated On : 20 Mar 2022 | 8:21 PM IST

Sintex Industries insolvency in final stages, company receives revised bids

Four companies, including Reliance Industries, competing for Sintex Industries have revised their bids that will now be placed before the Committee of Creditors (CoC) of the debt-ridden textiles maker for approval. Mukesh Ambani-led Reliance Industries Ltd is jointly bidding with Assets Care & Reconstruction Enterprise for Sintex Industries and according to some media reports, the amount is around Rs 2,800 crore. The resolution professional of Sintex Industries has also received bids from Welspun Group firm Easygo Textiles, GHCL and Himatsingka Ventures along with Shrikant Himatsingka and Dinesh Kumar Himatsingka Last week, Sintex Industries had informed that the Interim Resolution Professional has received revised Resolution Plans for the company from all four Prospective Resolution Applicants (PRA). "Revised Resolution Plans received from all four PRAs shall be evaluated by the Interim Resolution Professional and then shall be placed before the Committee of Creditors, for its ...

Updated On : 06 Feb 2022 | 5:09 PM IST