The National Company Law Tribunal (NCLT) bench of Ahmedabad approved a resolution plan submitted by Welspun Group for the turnaround of KKR-backed popular plastics products maker Sintex BAPL, paving the way for Welspun to take over the troubled company.
The company was admitted to the NCLT under the Insolvency and Bankruptcy Code (IBC) in December 2020. The insolvency resolution process of Sintex BAPL had evinced interest from two bidders - JM Financial Asset Reconstruction Co Ltd and a consortium consisting of Welspun entity Propel Plastic Products Pvt Ltd and Plastauto Pvt Ltd.
The committee of creditors, in its meeting held on January 28, had voted 74.26% in favour of the resolution plan of the Propel Plastic Products-led consortium.
