Legal

NCLT Ahmedabad clears JM Financial-RIL's offer for Alok Industries with riders

Updated : March 08, 2019 11:55 PM IST

In July 2017, the Ahmedabad bench of the NCLT, had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code.

Earlier, the Committee of Creditors (CoC) had twice rejected the RIL-JM Financial bid for Alok Industries.

NCLT Ahmedabad clears JM Financial-RIL's offer for Alok Industries with riders

The Ahmedabad bench of National Company Law Tribunal (NCLT) on Friday cleared Rs 5,050 crore joint bid by Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company to acquire the debt-ridden textile manufacturer Alok Industries.

In July 2017, the Ahmedabad bench of the NCLT had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code.

Earlier, the Committee of Creditors (CoC) had twice rejected the RIL-JM Financial bid for Alok Industries.

The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more