The bid submitted by Reliance Industries Ltd in conjunction with JM Financial Asset Reconstruction Company Limited (JMFARC) has been rejected by committee of creditors (CoC) of Alok Industries. Earlier both the companies had submitted a resolution plan for Alok Industries Limited. The Insolvency and Bankruptcy Code(IBC) requires CoC approval for a resolution plan. JMFARC is a subsidiary of JM Financial Ltd.
Alok Industries Ltd has also informed the BSE that the Corporate Insolvency Resolution Process (CIRP) for the Company expired on April 14, 2018. The company was granted 270 days for the process. However, company got only 1 bid during the said time period which got rejected.
According to IBC, if no resolution plan is approve…
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