Committee of Creditors yet to approve resolution plans: Alok Industries

Yesterday, Reliance Industries, which had submitted a resolution plan along with JM Financial Asset Reconstruction Company for Alok Industries, had informed that its bid has been rejected by the CoC.

Published: 16th April 2018 02:15 PM  |   Last Updated: 16th April 2018 02:24 PM   |  A+A-

Image for representational purpose only.

By PTI

NEW DELHI: Debt-ridden Alok Industries today said the Committee of Creditors (CoC) has not approved resolution plans for the company within 270 days mandated under the Insolvency and Bankruptcy Code (IBC).

"The corporate insolvency process for the company expired on April 14, 2018 and the resolution professional has not received the approval of the CoC for resolution plans within the time period prescribed under the IBC, 2016," it said in a BSE filing.

Yesterday, Reliance Industries, which had submitted a resolution plan along with JM Financial Asset Reconstruction Company for Alok Industries, had informed that its bid has been rejected by the CoC.

As per the IBC, the resolution process should be completed within 180 days.

This could be further extended for another 90 days with the approval of National Company Law Tribunal (NCLT).

In July 2017, the Ahmedabad bench of NCLT had admitted insolvency proceedings against the textile company under the IBC.

A consortium of lenders led by SBI is claiming dues of over Rs 23,000 crore from Alok Industries.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.