A joint resolution plan submitted by JM FinancialNSE -0.78 % Asset Reconstruction Co Ltd and Reliance IndustriesNSE 0.38 % to take over distressed textiles company Alok IndustriesNSE 4.11 % has hit a roadblock after GailNSE 1.19 % India, an operational creditor to Alok, challenged the plan before an appellate court.
In a petition filed before the National Company Law Appellate Tribunal (NCLAT) in Delhi on May 27, Gail has opposed the resolution plan because it did not consider the government-owned gas and petrochemical company’s claims, people familiar with the development said. The appellate tribunal will hear the matter on July 16.
