Bidders for the textile company Sintex have submitted amended resolution plans
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04 February 2022, Mumbai:
Four bidders on Sintex Industries Limited, an insolvent textile firm, have submitted amended resolution plans to the company's resolution expert for review.
Sintex said on February 2 that each of the four main bidders for the firm has filed a fresh proposal after Sintex's interim resolution specialist requested them to come back with more favorable resolution plans. The fresh resolution ideas will be presented to Sintex's creditors committee for further consideration after they have been evaluated.
Reliance Industries Limited (in association with Assets Care and Reconstruction Enterprises Limited), Welspun's Easygo Textiles, GHCL, and Himatsingka Ventures are the four bidders for Sintex (in partnership with Shrikant Himatsingka and Dinesh Kumar Himatsingka).
Sintex's resolution expert had judged all of the bidders' proposals to date to be insufficient, and had urged larger offers to keep Sintex from going into liquidation.
Sintex began as Bharat Vijay Mills, a composite textile plant in Kalol, Gujarat, in the 1930s. The company was renamed Sintex Industries in the 1970s, and it specialized in cotton yarn and fabric manufacture.
The National Company Law Tribunal's Ahmedabad bench granted Invesco Asset Management's insolvency procedure petition in April 2021, despite the fact that the company had gone insolvent.
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*Figures mentioned in the above article have been sourced from Fashion Network article.
