ALOK IND’S LENDERS OKAY RIL’S TAKEOVER

New Delhi: Majority of lenders of textiles firm Alok Industries have approved Reliance Industries’ resolution plan to acquire the debt ridden company. The Committee of Creditors of Alok Industries had earlier rejected RIL’s resolution plan submitted on April 12 for acquiring the firm in conjunction with JM Financial Asset Reconstruction Company. Following this, Alok Industries was facing insolvency. “Pursuant to the order dated

June 11, 2018 passed by National Company Law Tribunal, Ahmedabad, the Resolution

Plan was put to vote before the CoC of the Company on June 20, 2018. “Pursuant to the voting, the Resolution Plan has received the assent of 72. 192% of the voting share of the CoC,” RIL said. Alok Industries also confirmed the development in a separate filing.