A silk spindle hangs at a textile workshop. (Photographer: Dhiraj Singh/Bloomberg)
The joint resolution plan submitted by Reliance Industries Ltd. and JM Financial Asset Reconstruction Company Ltd. to purchase Alok Industries Ltd. under the Insolvency and Bankruptcy Code is yet to be completed as the bidders haven’t concluded payments due to financial creditors, three bankers in the know told BloombergQuint on the condition of anonymity.Alok Industries was one of twelve large firms referred for insolvency in June 2...