CoC approve Welspun Corp Ltd consortium's resolution plan for Sintex-BAPL Ltd

Welspun Corp Limited ("WCL") has announced that the resolution plan submitted by a consortium of Propel Plastic Products Private Limited (a wholly owned subsidiary of WCL) and Plastauto Private Limited (earlier known as Tubular Pipes Private Limited, a related party of WCL) (together, "Consortium") in the corporate insolvency resolution process ("CIRP") of Sintex-BAPL Limited ("SBAPL") has been approved by the Committee of Creditors ("CoC") of SBAPL under Section 30(4) of the Insolvency & Bankruptcy Code, 2016 ("IBC") and the consortium has been declared as the successful resolution applicant on February 06, 2023.

The Consortium was issued the Letter of Intent for SBAPL on February 06, 2023 in accordance with the request for resolution plan issued by the resolution professional of SBAPL and the same has been duly accepted and shared with the resolution professional on February 06, 2023.

The implementation of the resolution plan is subject to (a) the approval of the resolution plan by the Hon'ble National Company Law Tribunal, Ahmedabad; and (b) the terms of the resolution plan.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 195.70 as compared to the previous close of Rs. 191.25. The total number of shares traded during the day was 56751 in over 1423 trades.

The stock hit an intraday high of Rs. 197.65 and intraday low of 190.20. The net turnover during the day was Rs. 11010264.00.

Source : Equity Bulls

Keywords

WelspunCorp Consortium INE191B01025 WELCORP ResolutionPlan SintexBAPL Approved CoC