Reliance Industries gets NCLT approval for Alok Industries
TNN | Updated: Mar 9, 2019, 12:42 ISTHighlights
- The NCLT’s Ahmedabad bench approved the Rs 5,050-crore resolution plan submitted jointly by RIL and JM Financial, with immediate effect
- Alok Industries is one of the 12 big firms identified for early bankruptcy proceedings by the RBI
(Representative image)AHMEDABAD: Decks have been cleared for Mukesh Ambani-controlled Reliance Industries to take over the debt-laden assets of textile player Alok Industries, which owed lenders Rs 29,500 crore.
The NCLT’s Ahmedabad bench approved the Rs 5,050-crore resolution plan submitted jointly by RIL and JM Financial, with immediate effect. Alok Industries is one of the 12 big firms identified for early bankruptcy proceedings by the RBI.
The plan was accepted by the committee of creditors in June 2018 and was placed before NCLT, Ahmedabad for final approval.
The NCLT’s Ahmedabad bench approved the Rs 5,050-crore resolution plan submitted jointly by RIL and JM Financial, with immediate effect. Alok Industries is one of the 12 big firms identified for early bankruptcy proceedings by the RBI.
The plan was accepted by the committee of creditors in June 2018 and was placed before NCLT, Ahmedabad for final approval.
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