"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.
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.
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