INSUBCONTINENT EXCLUSIVE:
Majority of lenders of textiles firm Alok Industries have approved Reliance Industries' resolution plan to acquire the debt ridden
company.
The Committee of Creditors (COC) of Alok Industries had earlier rejected RIL's resolution plan submitted on April 12 for acquiring
the firm in conjunction with JM Financial Asset Reconstruction Company.
Following this, Alok Industries was facing insolvency.
"Pursuant to
the order dated June 11, 2018 passed by National Company Law Tribunal, Ahmedabad, the Resolution Plan was put to vote before the CoC of the
Company on June 20, 2018.
"Pursuant to the voting, the Resolution Plan has received the assent of 72
192% of the voting share of the CoC," RIL said in a regulatory filing.
Alok Industries also confirmed the development in a separate
filing.
On May 25, Alok Industries had informed that the Resolution Professional of the company has filed an application before the NCLT for
liquidation of the company and no order has been passed by it.
It had sought exemption in filing of quarterly and annual results as it was
facing liquidation.
The CoC of Alok Industries could not approve resolution plans for the company within 270 days mandated under IBC.
In
July 2017, the Ahmedabad bench of the NCLT had admitted insolvency proceedings against the textile company under the Insolvency and
Bankruptcy Code.
The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.
