All Rights Reserved Finance News 2020.
Private equity giant KKR drags Sintex arm to NCLT over Rs 430 crore loan
KKR has dragged an arm of Sintex to the Nationwide Firm Regulation Tribunal (NCLT) over a loan of Rs 430 crore. The personal equity group is looking for to provoke insolvency proceedings in opposition to Sintex-BAPL Ltd, a unit of the Ahmedabad-based Sintex group that makes plastic elements for automobiles and sports activities utility autos, as per court docket filings seen by ET.
The petition was filed by means of KKR’s advocate Vividh Tandon of Trilegal at NCLT’s Ahmedabad bench.
KKR has nominated Jet Airways’s administrator Ashish Chhawchharia to handle Sintex-BAPL’s affairs if its utility is admitted, in accordance to sources. Chhawchharia’s appointment is topic to a clearance from the NCLT.
KKR declined to remark. Sintex had not responded to ET’s queries till press time.
Sure group of lenders together with KKR supplied financing value round Rs 1,200 crore to Sintex-BAPL two years in the past. KKR supplied the funds by means of its non-banking finance firm (NBFC), KKR India Monetary Companies
Contemplating the default pertains to a interval prior to March 1, 2020 and subsequently not lined beneath the moratorium on new instances beneath IBC or by the one-time restructuring scheme, KKR has determined to transfer court docket, defined sources within the know.
Sintex Industries spun off its plastics enterprise in 2017 into publicly traded Sintex Plastics. Sintex-BAPL is a subsidiary of the latter. The promoters’ shareholding in Sintex Plastics was 13% as per newest accessible inventory trade filings.
Sintex Industries homes the textiles enterprise of the group.
In an identical however unrelated continuing at NCLT, Punjab Nationwide Financial institution has filed an utility for insolvency proceedings in opposition to SintexIndustries. The appliance is but to be admitted. Sintex Industries owes banks round Rs 6,000 crore.