NCLT approves RIL-JM Financial ARC's Rs 5000 cr bid for Alok Industries

The winning bid was Rs 5,000 crore, which was close to Alok Industries' liquidation value of Rs 4,000-4,500 crore

The National Company Law Tribunal (NCLT) Ahmedabad on Friday approved the joint bid by Reliance Industries Ltd-JM Financial Asset Reconstruction Co Ltd for the insolvent textiles player Alok Industries Ltd. The RIL-JM Financial ARC combine had bid Rs 5000 crore for Alok Industries, close to the latter's liquidation value of Rs 4000-4500 crore.

While reading the operative part of the order, the two-members bench, comprising adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari said that the plan was being approved conditionally, The tribunal said that it could not grant certain reliefs and concessions sought by RIL-JM Financial ARC. "It is free