Patanjali moves NCLT against Ruchi Soya lenders who approve Adani Wilmar bid

NEW DELHI: Baba Ramdev-led Patanjali Ayurved approached the NCLT against the decision of the sponsors of Ruchi Soya to approve Adani Wilmar's bid on Rs 6,000 crore.

The case is expected to appear on Monday (August 27) for the Mumbai Bank of the National Company Law Tribunal (NCLT), sources said.

In contact with him, Patanjali spokesman S K Tijarawala refused to comment, saying that matter is sub judice.

A spokesman for Adani Group also refused to comment.

Yesterday Adani Wimar's bid was approved by the Committee of Creditors (CoC) of the bankrupt Ruchi Soya with about 96 percent votes for.

The professional professional must apply for NCLT approval after the lenders have chosen a bid.

Adani Wilmar and Patanjali group are engaged in an elongated struggle to take over Ruchi Soya.

While Adani Wilmar emerged as the highest bidder with an Rs 6000 crore offer, the Patanjali group came in second with an Rs 5,700 crore bid.

Patanjali Ayurved had previously asked for clarification from Ruchi Soya's RP (resolution professional) regarding the suitability of Adani Group to participate in the bidding process.

It has also tried to know the parameters adopted by the RP to declare Adani Wilmar the highest bidder.

The Haridwar-based company also questioned the appointment of Cyril Amarchand Mangaldas as legal adviser to the RP because the law firm Adani Group already advised.

Patanjali was asked to submit a revised offer before June 16 to adjust or improve the highest offer of Adani Wilmar's Rs 6000 crore under the Swiss Challenge system adopted by the RP and the creditors' committee.

Patanjali, however, wrote to the RP for clarification rather than submitting a new bid.

Adani Wilmar has been selected by the CoC after two rounds of bidding.

Ruchi Soya, who is faced with the insolvency proceedings, has a total debt of approximately Rs 12,000 crore. The company has many factories and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.

In December 2017, Ruchi Soya Industries started the process of company insolvency and CIRP and Shailendra Ajmera was appointed RP.

The appointment was made by the NCLT at the request of the creditors Standard Chartered Bank and DBS Bank, under the insolvency and bankruptcy law.

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