The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Wednesday accepted the plea of state-run gas supplier GAIL India to be treated as an operational creditor (OC) in the resolution process of textiles player Alok Industries.
Reading out the operational part of the order passed on Wednesday, adjudicating authority Justice Harihar Prakash Chaturvedi said GAIL India will be treated as an OC on par with its status in other cases including the Essar Steel one.
RIL-JM Financial plan
Under the resolution plan submitted by Reliance Industries Ltd (RIL) in partnership with JM Financial Asset Reconstruction Company, GAIL India’s claims of Rs. 506 crore were not considered worth merit.
