NCLT approves Patanjali’s resolution plan for debt-ridden Ruchi Soya

NCLT approves Patanjali’s resolution plan for debt-ridden Ruchi Soya

Ruchi Soya owes over Rs 9,345 crore to financial creditors led by SBI

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The National Company Law Tribunal has approved the resolution plan submitted by Yoga guru Ramdev-led Patanjali for the debt-ridden Ruchi Soya.

A two-member Mumbai NCLT bench, comprising Rajesh Sharma and V P Singh, approved the resolution plan after observing that all eventuality has been discussed by it.

“It is also to be clarified that every eventuality has been discussed in the approved resolution plan, and in implementation of the resolution plan circumstances may arise for which clarification can be sought by the monitoring agency for effective implementation of the plan,” said the NCLT.

It further said: “In the circumstances, we hereby approve the resolution plan.”

The NCLT also ordered the registrar to “immediately communicate this order to the resolution professional, resolution applicant, corporate debtor and IBBI”.

Ruchi Soya owes over Rs 9,345 crore to financial creditors led by State Bank of India, which has an exposure of Rs 1,800 crore, followed by Central Bank at Rs 816 crore, Punjab National Bank at Rs 743 crore and StanChart at Rs 608 crore and DBS at Rs 243 crore. Thus the resolution comes at over Rs 60 per cent haircut to the lenders.

Source- Business Standard.

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