The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Sintex Industries, a popular textile and yarn manufacturer in India, as it failed to pay around Rs 70 billion to creditors, led by PNB.
Soon after Sintex Industries, a popular textile and yarn manufacturer, disclosed in June 2019 about a Rs 900 million default on bonds, Invesco Asset Management (India) Pvt Ltd had filed a petition against the Gujarat-based firm.
