A joint resolution plan submitted by JM Financial Asset Reconstruction Company Ltd. and Reliance Industries Ltd. has not met with approval of the committee of creditors of Alok Industries Ltd., RIL said in a late-evening stock exchange notification today.
The 270-day deadline for the corporate insolvency resolution programme under the insolvency and bankruptcy code ended on Saturday, April 14, for Alok Industries. In the absence of an approved resolution plan at the end of this period, IBC provides for the beginning of a liquidation process for the companys assets.
The CoC for Alok Industries met on Friday to discuss and further negotiate the resolution plan, and the JM-RIL combine was the only bidder for the asset. At the meeting, t…
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