NCLAT dismisses GAIL’s plea against Alok Industries’ resolution plan
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by Gail India Ltd challenging the insolvency resolution plan of Alok Industries, which has now been taken over by a consortium of Reliance Industries and JM Financial Asset Reconstruction Co Ltd.
The state-run firm challenged the orders of the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had on March 8, 2019, approved the resolution plan, in which all operational creditors of Alok Industries having dues less than Rs 3 lakh got 100 per cent payment, while those with dues were over Rs 3 lakh got nil payment.
