The committee of creditors (CoC) of Alok Industries rejected the joint bid submitted by Reliance Industries Ltd and JM Financial Asset Reconstruction Co. The bid entailed a huge haircut for the lenders by as much as 80-85%. The textile company which owes Rs 29, 600 crore to lenders was among the 12 large stressed assets whose lenders were directed by the Reserve Bank of India (RBI) to initiate proceedings under Insolvency and Bankruptcy Code (IBC). The reasons for rejection were not known and the 270-day deadline prescribed under IBC to approve the resolution plan ended on 14 April. According to the IBC, if the resolution plan is not approved within the given timeline, the assets of the companies go into liquidation. According to an ET report dated 12 April, the liquidation value of the company was estimated at Rs 4,200 crore.