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The National Company Law Tribunal approved the resolution plan jointly submitted by Reliance Industries and JM Financial Asset Reconstruction Company for the acquisition of debt-ridden textile manufacturer Alok Industries under the Insolvency and Bankruptcy Code.
Reliance Industries Ltd and JM Financial Asset Reconstruction Co Ltd received creditors' approval for a ₹5,050-crore resolution plan to acquire debt-laden textile company Alok Industries Ltd. The plan was approved by 72.19% of creditors.