Alok Industries reported a net loss of Rs 3,083 crore In 2016-17 on revenues of Rs 8,913 crore. In January, the Ahmedabad bench of the NCLT had granted an extension of 90 days, beyond the initial 180 days, for the resolution process on the back of an application made by the resolution professional, Ajay Joshi. Alok Industries confirmed in a notification to stock exchanges on Thursday that only one bid had been received under the CIR (corporate insolvency process). Separately, RIL wrote to stock exchanges stating, “Our company evaluates various opportunities on an ongoing basis, and in this process, has submitted a bid jointly with JM Financial Asset Reconstruction Company for resolution of Alok Industries in terms of the Insolvency and Bankruptcy Code, 2016 (IBC). We are awaiting the outcome of the bid.”

The statement was issued in response to a query by the exchanges following a news report that claimed that the proposal of RIL-JM Financial combine had been accepted by the lenders. Alok Industries counts cotton yarn, apparel fabric, home textiles and polyester yarn as its core businesses. It has four manufacturing facilities in Silvassa, Vapi, Navi Mumbai and Bhiwandi, and it employs close to 18,000 people, information from its 2016-17 annual report showed.