NCLT approved RIL-JM Financial resolution plan for Alok Industries insolvency process

This disclosure is being made pursuant to the oral pronouncement of order by the NCLT.

Mar 11, 2019 03:03 IST India Infoline News Service

Alok Industries
Alok Industries in its filing to the exchange informed that National Company Law Tribunal (Ahmedabad) approved resolution plan submitted by Reliance Industries and JM Financial.

"This disclosure is being made pursuant to the oral pronouncement of order by the NCLT. Upon the written order being made available, an updated disclosure shall be made," the company said in a press note to the exchanges on Saturday.

Meanwhile, as per media reports, RIL and JM Financial  has submitted a resolution plan worth Rs5,000cr to acquire the distressed assets of Alok Industries.

The insolvency process against Alok Industries had been initiated in July 2017 on a plea filed by the company’s financial creditor, SBI, media reports added.

Alok Industries Ltd's share price ended at Rs3.85, up by Rs0.18 or 4.9%, from its previous close of Rs3.67 on the BSE.
The scrip opened at Rs3.85 and touched a high and low of Rs3.85 and Rs3.72, respectively. A total of, 35,70,650 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs527.51cr.

Related Story