NCLT approved Reliance and JM Financial ARC’s 5050 Crore bid to acquire the debt-ridden textile company Alok Industries
The National Company Law Tribunal (NCLT) Ahmadabad bench on Friday (08.03.2019) approved the Rs. 5050 crores bid of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company to acquire the debt-ridden textile company Alok Industries Limited.
Alok Industries declared as a bankrupt and admitted the case at NCLT Ahmadabad bench under the Insolvency and Bankruptcy Code 2016 in July 2017.
Subsequent to this Mukesh Ambani’s plan to buy textile manufacturing company Alok Industries Ltd win the bid of 5050 crores along with JM Financial ARC. The bid was approved by the lenders in June 2018.
The Reliance Industries Ltd and JM Financial Asset Reconstruction Company is the only sole bidder for the bankrupt company in this process but the bid was twice rejected before approval of bid of Rs. 5050 crores at 83% haircut on dues of Rs. 42000 crores approximately.
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