News on the go

JM Financial and RIL together bid to procure Alok Industries

Both, Reliance Industries Ltd (RIL) and JM Asset Reconstruction Company Ltd., have jointly bid to procure the ailing textile manufacturer, Alok Industries. The debt-ridden Alok Industries has lenders claiming of more than ₹230 billion.

However, the outcome of the process is still awaited according to RIL. While clarifying to stock exchanges it stated, “Our Company evaluates various opportunities on an ongoing basis and in this process has submitted a bid jointly with JM Financial Asset Reconstruction Company Limited for resolution of Alok Industries Limited in terms of the Insolvency and Bankruptcy Code, 2016.”

It added, “We are awaiting the outcome of the bid and accordingly there is no disclosure required by us at this stage.”

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

 

Related Articles
Leave a Comment