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RIL-JM to take over Alok Industries following NCLT's nod

Devdiscourse News Desk | New Delhi | Updated: 13-03-2019 22:44 IST | Created: 13-03-2019 22:32 IST
RIL-JM to take over Alok Industries following NCLT's nod
Image Credit: Wikimedia

The Ahmedabad Bench of the National Company Law Tribunal has approved the resolution plan of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company to acquire Alok Industries. "The resolution plan jointly submitted by Reliance Industries Limited and JM Financial Asset Reconstruction Company (JMFARC) Ltd for acquisition of Alok Industries Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, has been approved by the National Company Law Tribunal...by order dated March 8, 2019," RIL said in a BSE filing.

It added that the implementation of the resolution plan is subject to obtaining necessary regulatory approvals, including approval from the Competition Commission of India. RIL and JMFARC jointly announced bid to acquire the debt-ridden textile manufacturer Alok Industries Ltd in April.

In July 2017, the Ahmedabad bench of the National Company Law Tribunal had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code. The consortium of lenders, led by State Bank of India, is claiming dues of over Rs 23,000 crore from Alok Industries.

(With inputs from agencies.)

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