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DSP MF moves court to secure ₹100 cr investment in Sintex NCD

NCLT admits insolvency petition against textile company Sintex Industries

NCLT admits insolvency petition against textile company Sintex Industries SECTIONS Share 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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