The National Company Law Tribunal (NCLT) on Tuesday admitted insolvency proceedings against textile company Alok Industries, which owes about Rs 23,000 crore to a consortium of lenders.
An application for insolvency was filed on June 29 by State Bank of India–one of the lenders to the company–in order to recover its Rs 3,772-crore loan to the company , as well as those by other lenders, such as Punjab National Bank, Bank of Baroda, IDBI Bank, Standard Chartered Bank and DBS Bank.
Ajay Joshi has been appointed as the interim resolution professional, and he will help draw up a plan to run the company’s day-to-day operations, at least for the next 30 days.
A committee of creditors will be formed to supervise all activities of the be…
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