NCLT approves Propel Plastics-PlastAuto’s bid for Syntex-BAPL
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Sintex Plastic Technology Limited (SPTL) informed the stock exchanges that the Ahmedabad bench of NCLT passed the order approving the resolution plan of Syntex-BAPL Limited.
The National Company Law Tribunal (NCLT) on Friday approved the joint bid of Propel Plastic Products Pvt Ltd and PlastAuto Pvt Ltd for debt-ridden Syntex-BAPL. Sintex Plastic Technology Limited (SPTL) informed the stock exchanges that the Ahmedabad bench of NCLT passed the order approving the resolution plan of Syntex-BAPL Limited. Syntex-BAPL is a leading manufacturer of water tanks and plastic based interior materials.
It is a wholly owned subsidiary of SPTL. “The Ahmedabad bench of NCLT has approved the resolution plan submitted by the consortium of Propel Plastic Products Pvt Ltd and PlastAuto,” the company said. The statement did not specify the bid amount, however, according to media reports This is around Rs 1,250 crore. The company said it will submit a copy of the order after it is posted on the NCLT website.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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