The fortunes of Sintex Industries, a debt-ridden textile company, are about to change. Actually, Mukesh Ambani’s Reliance Industries (RIL) has bid for this company along with Asset Care and Reconstruction Enterprise (ACRE).
The bid has been approved by the committee of creditors. It has now been sent to the National Company Law Tribunal (NCLT). Approval from NCLT is necessary.
Reliance and ACRE said in the information sent to the stock exchanges that the resolution professional of Syntex Industries has filed a resolution plan before the Ahmedabad Bench of the NCLT. Both these companies said, “The interim resolution professional of the company has filed the resolution plan approved by the CoC before the Ahmedabad Bench of NCLT on 23rd March, 2022 under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. .”
The Committee of Creditors (CoC) of Syntex Industries had already approved the resolution plan of both the companies.
Read this-Adani Group shows interest in making satellite, L&T also in race
Trading Prohibition: Since last Tuesday, stock exchanges BSE and NSE have banned trading in Syntex Industries. Now investors cannot buy or sell any shares. Talking about Syntex, it is a textile manufacturing company. The insolvency proceedings against Syntex Industries were initiated in April last year.