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  Business   Companies  15 Apr 2018  RIL, JM Financial bid to acquire Alok Industries rejected

RIL, JM Financial bid to acquire Alok Industries rejected

PTI
Published : Apr 15, 2018, 7:05 pm IST
Updated : Apr 15, 2018, 7:05 pm IST

The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

Reliance Industries on Sunday said that its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the Committee of Creditors.
 Reliance Industries on Sunday said that its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the Committee of Creditors.

New Delhi: Reliance Industries on Sunday said that its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the Committee of Creditors.

RIL had bid jointly with JM Financial to acquire the debt ridden textile manufacturer Alok Industries Ltd.

"As intimated earlier, Reliance Industries Limited in conjunction with JM Financial Asset Reconstruction Company Limited submitted a resolution plan for Alok Industries Limited. We have been informed that our plan did not meet with the approval of the Committee of Creditors of Alok Industries as required under the Insolvency and Bankruptcy Code," RIL said in a regulatory filing to the exchanges.

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 SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

Tags: reliance industries, alok industries, national company law tribunal, insolvency
Location: India, Delhi, New Delhi