NCLAT dismisses GAIL’s plea against Alok Ind resolution plan
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed GAIL India’s plea challenging the NCLT’s March 8, 2019 order that approved the insolvency resolution plan of Alok Industries, which has now been taken over by a consortium of Reliance Industries and JM Financial Asset Reconstruction.
As per the approved resolution plan, all operational creditors of Alok Industries having dues less than Rs 3 lakh got 100% payment, while those with dues over Rs 3 lakh got nil payment. GAIL had a claim of Rs 506.42 crore.
