NCLT Ahmedabad has approved a 2079 crore resolution plan of GAIL (India) Limited (“GAIL”) for JBF Petrochemicals under section 31 (1) of the Insolvency and Bankruptcy Code, 2016 (“IBC”). This is the second instance of a state-owned company acquiring a private sector bankrupt company , with the first being Indian Oil Corporation acquiring Mercator under IBC. JBF Petrochemicals...