RIL's Resolution Plan for Alok Industries gets CoG nod

22 Jun '18
1 min read

The Resolution Plan for Alok Industries submitted jointly by JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited (RIL) has received the assent of 72. 192 per cent of the voting share of the committee of creditors (CoG). The voting was carried out pursuant to an order by the Ahmedabad bench of the National Company Law Tribunal (NCLT).

On April 12, 2018, RIL and JM Financial jointly submitted a Resolution Plan for the corporate insolvency resolution process of Alok Industries Limited, the debt-ridden textile company from which lenders are claiming dues of over ₹230 billion.

“Pursuant to the order dated June 11, 2018 passed by the NCLT (Ahmedabad), the Resolution Plan was put to vote before the CoG of the company on June 20, 2018. Pursuant to the voting, the Resolution Plan has received the assent of 72. 192 per cent of the voting share of the CoG,” RIL said in a filing with the stock exchanges. (RKS)

Fibre2Fashion News Desk – India

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