Ahmedabad: The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has accepted the joint resolution plan for acquisition of Alok Industries by Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company.
During the BSE filing, RIL stated that the proposed acquisition was approved by the NCLT by order dated Friday, March 8.
The plan was submitted as a joint effort for acquiring the textile manufacturing company as per the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC).
Implementation of the resolution plan is based on approval from the Competition Commission of India along with other regulatory obligations required to be fulfilled.
Earlier in 2017, the NCLT had admitted Insolvency proceedings against Alok Industries, wherein the consortium of lenders including SBI claimed dues amounting to over Rs. 23,000 crores. In April last year, the bid for joint acquisition of the debt-struck company was announced.