RELIANCE-ACRE COMBINE WINS RACE FOR AILING TEXTILE FIRM SINTEX INDUSTRIES

Lenders to ailing textile firm Sintex Industries Ltd (SIL) have approved a resolution plan submitted by Reliance Industries Ltd (RIL) jointly with Assets Care & Reconstruction Enterprise Ltd (ACRE).

The plan (RIL-ACRE) has been duly approved by the 100 per cent members of Committee of Creditors (CoC) as the successful resolution plan subject to approval of National Company Law Tribunal (NCLT), the company informed BSE.

Gujarat based SIL said all four compliant Resolution Plans submitted by four Resolution Applicants were put for e-voting for approval by the CoC members in accordance with the Insolvency and Bankruptcy Code, 2016 (Code) and regulations. The e-voting concluded On March 19, 2022 at 10.00 p.m.

The plan is that existing share capital of the Company will be reduced to Zero. The company will be delisted from the stock exchanges i.e. BSE and NSE.