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Ruchi Soya Industries Limited
Ruchi Soya Industries Limited

Ruchi Soya CoC to meet Patanjali, Adani Wilmer

ANI | Updated: May 25, 2018 17:38 IST

New Delhi [India], May 25 (ANI): The Committee of Creditors (CoC) of Ruchi Soya Industries Limited will on Monday meet and hold deliberations on bids placed by Yoga guru Ramdev's Patanjali and Adani Wilmer.
In the last meeting, held on May 15, both Patanjali and Adani Group had presented their bids and resolution plan to take over Debt-ridden Ruchi Soya which entered into the Corporate Insolvency Resolution Process (CIRP) last year. Financial Creditors Standard Chartered Bank and DBS Bank Limited initiated Insolvency proceedings against Ruchi Soya.
In the meeting, the committee will also take a call on whether open bidding may be required in the case as both the bids are too close.
A source close to the development said, "The CoC meeting on Monday will take up Patanjali and Adani bid for Ruchi Soya as only these two bids are Insolvency and Bankruptcy Code, 2016 (IBC) compliant. After deliberations on various aspects of the bids, CoC will put the bid to vote."
The voting, however, is not likely to be done on Monday. "But voting will be conducted soon as the process has to be over by June 12," the source added.
Ruchi Soya was taken into the auction process as part of the government's drive to clear bad loans choking credit at Indian banks.
Ruchi Soya brand is the market leader in the edible oils, as well as soya foods categories. It also includes Nutrela, Mahakosh, Sunrich, Ruchi Gold and Ruchi Star.
According to reports, Ruchi Soya's debt stood at about Rs 12,000 crore as of December 31, 2017, and lenders dragged the company to the National Company Law Tribunal (NCLT) last year. (ANI)