homelegal News

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

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

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

By CNBC-TV18 Mar 8, 2019 11:55:45 PM IST (Updated)

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

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.

Recommended Articles

View All

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
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng