The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan jointly submitted by Reliance Industries (RIL) and JM Financial Asset Reconstruction Company (ARC) for acquisition of Alok Industries under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016.
The implementation of the resolution plan is subject to obtaining necessary regulatory approvals, including approval from the Competition Commission of India (CCI).
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
