Reliance Industries, JM Financial bid to acquire textile manufacturer Alok Industries rejected
Reliance Industries (RIL) had bid jointly with JM Financial to acquire the debt ridden textile manufacturer Alok Industries Ltd
New Delhi: Reliance Industries (RIL) on Sunday said that its resolution plan for acquiring Alok Industries, in conjunction with JM Financial Asset Reconstruction Company, has been rejected by the Committee of Creditors.
Mumbai-traded RIL had jointly bid with JM Financial to acquire debt-ridden textile manufacturer Alok Industries Ltd.
"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 regulatory filing to the exchanges.
In July 2017, the Ahmedabad bench of the National Company Law Tribunal (NCLT) had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code (IBC). The consortium of lenders, led by the State Bank of India (SBI), is claiming dues of over Rs 23,000 crore from Alok Industries.
(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
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