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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.
The tribunal also said Alok Industries’ insolvency resolution professional (IRP) ought to have consulted the committee of creditors (CoC) and sought direction from the tribunal, instead of adjudicating over categorising GAIL India as an OC.
GAIL India had filed a petition before the NCLT saying the IRP had ignored its claims and rejected its status as an OC. GAIL claimed its dues were from 2014 to 2016.
The RIL-JM Financial resolution plan provides full payments to operational creditors with claims of up to ₹3 lakh. GAIL India had opposed the plan.
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