Home / Knowledge / News / Textiles / Alok creditors reject RIL, JM Financial joint bid
Alok creditors reject RIL, JM Financial joint bid
16
Apr '18
Alok creditors reject RIL, JM Financial joint bid
The Committee of Creditors of Alok Industries has rejected the joint bid of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company Ltd to buy textile manufacturer Alok Industries. The joint bid was made in terms of the Insolvency and Bankruptcy Code, 2016. Alok is debt ridden and lenders are claiming dues of over ₹230 billion.

“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 filing to the stock exchanges.

The Ahmedabad bench of the National Company Law Tribunal had admitted insolvency proceedings against Alok Industries in July 2017, under the Insolvency and Bankruptcy Code. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Sales tax reduced for Pak textile, leather sectors

Textiles | On 20th Nov 2018

Sales tax reduced for Pak textile, leather sectors

Pakistan’s Federal Board of Revenue (FBR) recently issued procedure...

US may include RMG in revised duty free Nepali items list

Apparel/Garments | On 20th Nov 2018

US may include RMG in revised duty free Nepali items list

The United States is interested to revise the list of Nepali products ...

Courtesy: Microsoft

Information Technology | On 20th Nov 2018

Gap partners with Microsoft for digital transformation

Gap has established a strategic partnership with Microsoft to drive...

Interviews View All

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Yash Jain & Sanjeev Jain,

Yash Jain & Sanjeev Jain

Divyam Export, launched about 30 years ago, exports to 15 countries,...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search