25 March 2022, Mumbai:
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.
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''... 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.
RELATED NEWS Bidders for the textile company Sintex have submitted amended resolution plans
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.
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CREDITS: ET Business Today (The news article has not been edited by DFU Publications staff)
