Offers based on Reliance Industries’ (RIL) Consortium to acquire Sintex Industries Gujarat, who is undergoing the bankruptcy process, accepting the approval of the Creditors Committee (COC) on Saturday.
COC approved a resolution plan delivered by RIL together with the Care & Reconstruction Enterprise (Acre) asset with 100% of their votes.
E-voting to approve the plan on Saturday, said Sintex Industries in the regulation update on Sunday.
Sintex Industries, a company promoted by Amit Patel and family, has received four plans from the resolution applicants entered for e-voting.
The Reliance Industries Consortium plan has proposed that the existing stock capital of Sintex Industries will be reduced to zero and the company will be delisted from the Stock Exchange.
The process now requires the approval of Ahmedabad Bench Tribunal National Law, he added.
Lenders to Sintex Industries have got a total of four proposals – Ril-Acre, Himatsingkana Ventures, Welsunpun and GHCL – While the RIL-ACRE consortium has emerged as a proposal for Crore RS 3651-Crore. Himatsingkana Ventures offers Rs 3,297 Crore, Welsun also offers RS 3,102 Crore and GHCL bid is Rs 2,140 Crore.
Acre is a company reconstruction assets supported by Ares SSG Capita.
Professional company resolution has recognized a total of 27 claims from financial creditors worth 7,534.6 crore.
Sintex was founded in the 1930s as a textile factory, Bharat Vijay Mills, in Kalol, Gujarat, and then renamed Sintex Industries, cotton yarn and fabric maker.
The company’s sales are exposed to competitions that are increasing and then by Covid-19, after the company proposes bankruptcy.
Then in April 2021, the Ahmedabad NCLT bench acknowledged the bankruptcy process submitted by Investco Asset Management (India) after the default Sintex Industries at Payment of Rs 15-Crore on debt that cannot be converted.