The sole resolution plan for the debt-ridden Alok Industries by the Reliance Industries-JM Financial Asset Reconstruction Company combine was rejected by the company’s committee of creditors (CoC), paving the way for liquidation.
This is the first among 12 companies mentioned in the Reserve Bank of India’s first list of corporate defaulters that will go in for liquidation.
In a stock exchange notification on Monday, Alok Industries said, “We now wish to inform you that an application has been preferred by the resolution professional for liquidation
of the company with the National Company Law Tribunal (NCLT) at Ahmedabad on April 16, 2018.”
The loss-making textile company was referred to the Ahmedabad bench of the NCLT on July 18, 2017. FE