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NCLT admits insolvency petition against textile company Sintex Industries


NCLT admits insolvency petition against textile company Sintex Industries
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Synopsis
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.
Agencies
Delhi-based PNB is the lead lender to Sintex Industries, which also has a twin Sintex Plastics Technology, a household brand name of water tanks in India. ....

Rajinder Gupta , National Company Law Tribunal , Paul Vardhman Group , Balkrishan Welspun Group , Sintex Industries , Trident Group , Sintex Plastics Technology , Union Bank , Balkrishan Goenka Controlled Welspun Group , Paul Oswal Controlled Vardhman Group , ராஜீந்தர் குப்தா , தேசிய நிறுவனம் சட்டம் தீர்ப்பாயம் , சிண்தெக்ஷ தொழில்கள் , திரிசூலம் குழு , சிண்தெக்ஷ பிளாஸ்டிக் தொழில்நுட்பம் , தொழிற்சங்கம் வங்கி ,