NCLT admits insolvency petition against textile company Sintex Industries Sintex is the largest debtor taken to the NCLT since the one year moratorium on filing fresh cases ended in March. Lenders tried to complete a one time settlement with Mumbai based Welspun Group in order to avoid going to NCLT. However, the Welspun offer involved as much as a 74% haircut and a long pay back period which discouraged lenders from taking the offer, three people familiar with the negotiations said.
NCLAT directs NCLT Ahmedabad to decide on insolvency plea against Sintex Industries within a week The National Company Law Appellate Tribunal (NCLAT) on Monday directed the Ahmedabad bench of NCLT to decide within a week whether to admit or reject an insolvency plea filed against Sintex Industries by Punjab National Bank.
Creditors weigh Sintex promoter Amit Patel's out-of-court Rs 1,100 crore settlement offer The creditors include a very diverse mix of stakeholders including banks, mutual funds and employee provident funds of A-listed companies that have subscribed to debentures of Sintex-BAPL. State Bank of India is amongst the banks in the group.