Intimation of order passed by the NCLT in relation to acquisition of Sintex Plastic Technology Limited in Liquidation process as a going concern under the Insolvency and Bankruptcy Code, 2016 (IBC).
Awaiting price reaction for this filing.
The NCLT Ahmedabad, through orders dated November 8, 2024 and April 17, 2025, approved the acquisition of Sintex Plastics Technology Ltd as a going concern during its IBC liquidation process. The company was bought by Durgesh Infrastructure Pvt Ltd along with affiliates (Atreyi Vincom, Unicorn Suppliers, Eastern Mercantile) for Rs 20.63 crore via e-auction in June 2024. The NCLT permitted automatic delisting of the existing equity shares (already extinguished without any consideration to old shareholders) and allowed the company not to list new equity shares on BSE or NSE. The NCLAT on April 4, 2025 also rejected Subhlaxmi Investment Advisory's challenge to the liquidation order, clearing the path for revival of the company under new management with extensive reliefs including waiver of past liabilities, tax claims, and statutory dues.
This is effectively a total loss for existing shareholders — their equity has been extinguished without compensation and the stock will be delisted from BSE and NSE, leaving shareholders with no exit or recovery. For the broader market, it signals the end of public trading in SPTL, with the company now set to operate as a privately-held entity under new owners under IBC's clean-slate revival mechanism.