The committee of creditors (CoC) of Alok Industries Ltd has approved a joint resolution plan submitted by Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Co Ltd. The resolution plan is valued at about Rs5,000 crore, out of which financial creditors would get around Rs4,000 crore.
In a release, RIL says, "Pursuant to the order dated 11 June 2018 passed by National Company Law Tribunal (Ahmedabad), the Resolution Plan was put to vote before the committee of creditors -CoC of the Company on 20 June 2018. Pursuant to the voting, the Resolution Plan has received the assent of 72.2% of the voting share of the CoC."
As per the claims admitted by the resolution professional in the case, financial creditors have submitted claims worth over Rs29,000 crore.
Alok Industries is one of the 12 large companies to have been sent to the NCLT for insolvency proceedings after getting shortlisted by Reserve Bank of India (RBI) in June 2017.