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Reliance, JM Financial bid for Alok rejected

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New Delhi : Reliance Industries (RIL) on Sunday said the its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the Committee of Creditors.

RIL had bid jointly with JM Financial to acquire the debt ridden textile manufacturer Alok Industries.

“As intimated earlier, RIL in conjunction with JM Financial Asset Reconstruction Company submitted a resolution plan for Alok Industries. We have been informed that our plan did not meet with the approval of the Committee of Creditors of Alok Industries as required under the Insolvency and Bankruptcy Code,” RIL said in a regulatory filing to the exchanges.