The Ahmedabad bench of National Company Law Tribunal (NCLT) on Friday cleared Rs 5,050 crore joint bid by Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company to acquire the debt-ridden textile manufacturer Alok Industries.

In July 2017, the Ahmedabad bench of the NCLT had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code.

Earlier, the Committee of Creditors (CoC) had twice rejected the RIL-JM Financial bid for Alok Industries.

The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

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First Published:Mar 8, 2019 6:49 PM IST