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Home/ Cases/ Textiles & Apparel/ Alok Industries
✓ RESOLVED — PLAN APPROVED ● STILL OPERATING · MCA ACTIVE

Alok Industries

Corporate insolvency resolution — resolution plan approved · Mar 2019

Textiles manufacturer · listed public limited company · incorporated 1986 · 31 years old at admission

Sector Textiles & Apparel Bench NCLT Ahmedabad CIN L17110DN1986PLC000334 Admitted 18 Jul 2017 Initiated by FC — State Bank of India Last process activity 19 Jul 2017 · public announcement
Acquired by
JM Financial Asset Reconstruction Company Limited (as trustee to JMFARC - March 2018 - Trust, represented by JM Financial Asset Reconstruction Limited as the trustee) and Reliance Industries Limited ("RIL")
Named in the NCLT plan-approval order dated 08 Mar 2019, reproduced as printed in that order. · read the order
Where the money went · admission → plan approval
Admitted claimsRs 30,707 Cr
Liquidation valueRs 4,433 Cr
Realised for creditorsRs 5,115 Cr
Haircut to creditors: 83.34% Recovery vs liquidation value: 115.4% — plan beat the liquidation floor In plain terms: the published plan figure provides about 17 paise per Rs 1 of admitted claims
Admitted Claims
Rs 30,706.69Cr
#1 of 79 in sector by size
Published plan realisable
Rs 5,115.20Cr
to claimants
Haircut
83.34%
sector typical 81.1%
Rec vs LV
115.4%
sector typical 108.6%
CIRP Duration
1y 7mo
sector typical 1y 8mo
Beat liquidation?
Yes
71% of sector did

Intelligence note

Admitted to insolvency on 18 Jul 2017 by the Ahmedabad bench, on a petition by State Bank of India (a financial creditor). A resolution plan from JM Financial Asset Reconstruction Company Limited (as trustee to JMFARC - March 2018 - Trust, represented by JM Financial Asset Reconstruction Limited as the trustee) and Reliance Industries Limited ("RIL") was approved on 08 Mar 2019, 598 days after admission (median for resolved cases: 630 days). Creditors realise 16.66% of Rs 30,706.69 Cr admitted claims - a haircut of 83.3% against a median of 77.1% across resolutions. The plan is worth 115.4% of the liquidation value of Rs 4,433.00 Cr, so creditors did better than a break-up sale. This is process 1 of 2 on record for the company.
◆ Flagged as the dominant case of the quarter — 77.59% of resolved claims.

Claims at a glance

full split →
FC 96%
OC 4%
Total admitted Rs 30,706.69 Cr

Case details

CIN
L17110DN1986PLC000334
Incorporated
1986
Registered State
Dadra and Nagar Haveli and Daman and Diu
NCLT Bench
Ahmedabad
Initiated by
FC — State Bank of India
Commencement
18 Jul 2017
Outcome Date
08 Mar 2019
Admitted Claims
Rs 30,706.69 Cr
Liquidation Value
Rs 4,433.00 Cr
Realisable Amount
Rs 5,115.20 Cr
Recovery vs Claims
16.66%
Recovery vs LV
115.4%

NCLT Ahmedabad: median 467 days admission → verdict · 31% of concluded matters ended in plan approval (n=442, full record) · all benches →

Recent movement

full timeline →
08 Mar 2019
Resolution plan approved
Acquired by JM Financial Asset Reconstruction Company Limited (as trustee to JMFARC - March 2018 - Trust, represented by JM Financial Asset Reconstruction Limited as the trustee) and Reliance Industries Limited ("RIL")
Haircut 83.34%
23 May 2019
Withdrawn
NCLAT appeal · CA(AT)(Ins) No. 446 of 2019 read the order ↗
26 Jul 2019
NCLT order
2 interlocutory applications decided read the order ↗
24 Oct 2019
Dismissed-limitation
NCLAT appeal · CA(AT)(Ins)No.1093/2019 read the order ↗
04 Oct 2021
NCLAT appeal
CA (AT) (Ins) 492 of 2019 read the order ↗

Valuations & recovery

Reg 35 valuations vs outcome
Liquidation value
Rs 4,433.00 Cr
Recovery vs liquidation value
115.4%

The plan

from the NCLT plan-approval order
Successful applicant
JM Financial Asset Reconstruction Company Limited (as trustee to JMFARC - March 2018 - Trust, represented by JM Financial Asset Reconstruction Limited as the trustee) and Reliance Industries Limited ("RIL")

Case timeline

18 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
18 Jul 2017
IRP
Ajay Joshi
16 Aug 2017
RP
Ajay Joshi
18 Aug 2017
Disposed of - t.c.p. no. 454/(mah)/2017
NCLT order read the order ↗
11 Jun 2018
NCLT order
IA 135 2018 read the order ↗
01 Nov 2018
NCLT order
IA 298/2018 in CP (IB) No. 48/NCLT/AHM/2017 read the order ↗
04 Jan 2019
NCLT order
IA 399/2018 in CP(IB) No. 48/60(5)/NCLT/AHM/2017 read the order ↗
08 Mar 2019
Resolution plan approved
Acquired by JM Financial Asset Reconstruction Company Limited (as trustee to JMFARC - March 2018 - Trust, represented by JM Financial Asset Reconstruction Limited as the trustee) and Reliance Industries Limited ("RIL")
Haircut 83.34%
23 May 2019
Withdrawn
NCLAT appeal · CA(AT)(Ins) No. 446 of 2019 read the order ↗
26 Jul 2019
NCLT order
2 interlocutory applications decided read the order ↗
24 Oct 2019
Dismissed-limitation
NCLAT appeal · CA(AT)(Ins)No.1093/2019 read the order ↗
04 Oct 2021
NCLAT appeal
CA (AT) (Ins) 492 of 2019 read the order ↗
1 year 7 months elapsed · admission → resolution

Company

MCA master · as on 12 Jun 2026
Type
Public · Company limited by shares
Listing
Listed
Incorporated
12 Mar 1986
Authorised capital
Rs 4,250.00 Cr
Paid-up capital
Rs 4,046.52 Cr
Industry (MCA)
Manufacturing (Textiles)
ROC
ROC Ahmedabad
Company status
Active — company survived resolution
Registered address
17/5/1, 521/1, Village Rakholi/ Saily,,Silvassa,Dadra & Nagar Haveli,396230-India

Claims profile

creditor-class split
Admitted claims by creditor class
FC 96%
OC 4%
CLASS
ADMITTED
Financial creditors
Rs 29,523.86 Cr
Operational creditors
Rs 1,182.83 Cr
Total
Rs 30,706.69 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Textiles & Apparel
Haircut83.3%
typical for this sector 81.1% · median of 78
Recovery vs liquidation value115.4%
typical for this sector 108.6% · median of 77
71% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution598 days
typical for this sector 621 days · median of 79
Size rank in sector#1 of 79
Key parties
Resolution Professional
Ajay Joshi →
2 IBBI mandates · 117% of liquidation value realised across concluded work
IRP at commencement
Ajay Joshi → · Jul 2017
CIRP initiated by
State Bank of India FC
Resolution applicant
JM Financial Asset Reconstruction Company Limited (as trustee to JMFARC - March 2018 - Trust, represented by JM Financial Asset Reconstruction Limited as the trustee) and Reliance Industries Limited ("RIL")

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