Alok Industries case: NCLT grants ‘operational creditor’ status to GAIL


Alok Industries case: NCLT grants ‘operational creditor’ status to GAIL

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 506 crore were not considered worth merit. Read More

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