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Joint bid by Reliance Industries, JM Financial for Alok Industries rejected

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

Press Trust of India  |  New Delhi 

Illustration: Ajay Mohanty
Illustration: Ajay Mohanty

on Sunday said its resolution plan for acquiring 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 Industries.

"As intimated earlier, Limited in conjunction with submitted a resolution plan for 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 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 230 billion (Rs 23,000 crore) from Alok Industries.

First Published: Mon, April 16 2018. 01:29 IST
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