The National Company Law Tribunal (NCLT) has approved Reliance Industries and Assets Care & Reconstruction Enterprise (ACREjoint )’s bid to acquire debt-ridden textiles maker Sintex Industries. On Friday, the NCLT’s Ahmedabad bench issued an oral order approving the resolution plan submitted by RIL and ACRE.

“NCLT has orally pronounced an order” on Friday “approving the resolution plan submitted jointly by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Ltd,” Sintex Industries said in a regulatory filing.

The plan calls for a reduction in share capital as well as the delisting of equity shares with no monetary value. Sintex Industries stated that when the written order is available, it will provide additional updated disclosures.

According to reports, Sintex’s lenders supported the joint bid by Reliance Industries and ACRE. Following the lender’s approval of the joint bid, the company’s resolution professional petitioned the NCLT for final approval.

The resolution professional must submit the resolution plan approved by the Committee of Creditors to the National Company Law Tribunal (NCLT) under Section 30(6) of the IBC, which provides final approval, according to the Insolvency and Bankruptcy Code.

Easygo Textiles, GHCL, and Himatsingka Ventures, along with Shrikant Himatsingka and Dinesh Kumar Himatsingka, were among the other bidders for Sintex Industries.

“At the moment, the Corporate Debtor (Sintex Industries) is operating at less than full capacity. “They will bring efficiencies through gap identification and process controls and strengthen the management of the Corporate Debtor with RIL’s relevant experience across the textile value chain and ACRE’s domain knowledge in resolution of stressed assets,” Sintex industries said in a statement.

Sintex’s insolvency proceedings began in April of last year, and approximately 7,500 crores in claims have been admitted against the company thus far.