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NCLT approves RIL-JM Financial ARC plan to acquire Alok Industries

Press Trust of India  |  New Delhi 

The Bench of the has approved the resolution plan of Ltd (RIL) and to acquire Industries.

"The resolution plan jointly submitted by Limited and (JMFARC) Ltd for acquisition of Industries Ltd under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, has been approved by the order dated March 8, 2019," 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

and JMFARC jointly announced bid to acquire the Industries Ltd in April.

In July 2017, the bench of the 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 13 2019. 22:46 IST