Sicom challenges NCLT decision to dismiss Alok Industries' liquidation

Varun Marwah July 31 2018
NCLAT, Synergy Dooray, IBC

Sicom Ltd, a financial creditor to Alok Industries has challenged the decision of the NCLT to retrospectively apply the Insolvency and Bankruptcy Ordinance, 2018.

An appeal has been filed at the NCLAT.

Alok Industries is one of the twelve cases in RBI's list which were referred to the NCLT for insolvency proceedings. By the end of the insolvency resolution period, Alok Industries received just one plan, from a consortium of Reliance Industries and JM Financial ARC. This plan, however, was only able to gather around 70%  vote of . . .

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