Sintex Plastics Technology
NCLT admits insolvency plea against Sintex Plastics Technology Ltd
The National Company Law Tribunal (NCLT) has admitted the insolvency plea against Sintex Plastics Technology Ltd (SPTL), a leading maker of water storage tanks and plastic-based interiors. The Ahmedabad bench of NCLT admitted the application filed by its Financial creditor Asset Reconstruction Company (India) Ltd claiming an outstanding amount of Rs 350.28 crore, which includes Rs 215.77 crore principal amount and Rs 134.50 crore towards interest. The NCLT appointed Kshitiz Chhawchharia as the Interim Resolution Professional for the company. Insolvency proceedings against SPTL were triggered as it was a corporate guarantor of loans given to Sintex BAPL Ltd (SBL). SBL is presently going through Corporate Insolvency Resolution Process (CIRP), and a bid of Rs 1,251 crore is pending for approval. However, NCLT said the claim of the Financial Creditor is not fully met in the CIRP of SBL, hence it also directed to initiate insolvency against SPTL. SPTL is a holding company of SBL, which
 "NCLT admits insolvency plea against Sintex Plastics Technology Ltd")
Low price denomination stocks dominate investor interest, shows data
Thirty-nine, including Subex, McLeod Russel, Jet Airways, Jain Irrigation Systems, and Sintex Plastics Technology, have surged more than 5x during this period
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Sintex Plastics makes a tepid debut, closes in lower circuit of 5%
The stock locked in lower circuit of 5% at Rs 123.50 after hitting high of Rs 136.50 on BSE.
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