To acquire the company under the insolvency resolution techniques, the lenders of the debt-ridden textiles producer Sintex Industries have sanctioned the joint tender of Reliance Industries and Assets Care & Reconstruction Enterprise. As stated by a regulatory filing which was disclosed on Sunday, the Committee of Creditors of Sintex Industries has adopted right behind the resolution plan by Reliance Industries and ACRE, with one accord.
It is stated in the filing that the e-voting on approval of Resolution plan was terminated on March 19 this year at late night and the resolution plan submitted by Reliance Industries Limited in alliance with ACRE has been appropriately accepted by the CoC members completely. Along with Shrikant Himatsingka and Dinesh Kumar Himatsingka, GHCL and Welspun Group firm Easygo Textiles have rendered advances to Sintex Industries and at the time of voting process, they were placed before the Committee of Creditors.
According to some sources, the amount to be around Rs 3,000 crore and bankers have taken more than 50%, as Sintex Industries has not delivered the quantum of joint bids by ACRE and RIL. In the 2020-21 Financial Year, Sintex Industries had a revenue of Rs 1,689.15 crore. The consolidated revenue had raised up to 80% for the October-December quarter. Moreover, there is also a net loss that has registered above hundred from the existing revenue in the third quarter of the financial year.