NCLT Approves Patanjali’s Rs 4,350 Crore Ruchi Soya Bid 
The Ruchi Soya Industries Ltd. logo sits on a tin cap displayed by an employee at the company’s edible oil refinery plant in Patalganga, India. (Photographer: Dhiraj Singh/Bloomberg)

NCLT Approves Patanjali’s Rs 4,350 Crore Ruchi Soya Bid 

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The National Company Law Tribunal approved Patanjali's revised Rs 4,350-crore bid to take over the edible oil maker Ruchi Soya Industries Ltd., which owed banks over Rs 9,345 crore.

However, the tribunal said the approval is subject to the tribunal resolution professional bridging the information gap regarding the exact source of funds worth Rs 600 crore—which is part of the bid amount—before the next date of hearing on Aug. 1.

The tribunal also asked the resolution professional to furnish the actual cost of the entire resolution process before the next hearing.

“The resolution professional is directed to submit detailed break-up of the entire cost for the corporate insolvency resolution process before the next date of listing on Aug. 1,” the tribunal said.

Also read: NCLAT’s ArcelorMittal-Essar Steel Order Doesn’t Apply To Ruchi Soya, Say Lenders

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