NCLT grants Welspun approval to acquire Sintex BAPL

21 Mar 2023 CW Team

The Welspun Group's resolution plan for the rehabilitation of well-known plastics products manufacturer Sintex BAPL, funded by KKR, was accepted by the National Company Law Tribunal (NCLT) court in Ahmedabad, clearing the way for Welspun to acquire the struggling business.

In accordance with the Insolvency and Bankruptcy Act (IBC), the company was admitted to the NCLT in December 2020. Two bidders expressed interest in the Sintex BAPL insolvency resolution process: JM Financial Asset Reconstruction Co Ltd and a group made up of the Welspun companies Propel Plastic Products and Plastauto.

At its meeting on January 28, the committee of creditors voted 74.26% in favour of the consortium led by Propel Plastic Products' resolution proposal.

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