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.

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