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NCLT Approves Patanjali's ₹4,350-Crore Revised Bid To Take Over Ruchi Soya

By LawStreet News Network      29 July, 2019 12:47 PM      0 Comments
NCLT Approves Patanjali's ₹4,350-Crore Revised Bid To Take Over Ruchi Soya

The National Company Law Tribunal (NCLT) on July 25, 2019, has approved Patanjali's revised ₹4,350-crore bid to take over the edible oil maker Ruchi Soya, which owed banks over ₹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 ₹600 crore (which is part of the bid amount) before the next date of hearing on August 1, 2019.

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 August 1," the Tribunal said.

(Source: Livemint)

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