The National Company Law Tribunal gives final approval to Patanjali’s bid for Ruchi Soya Industries Limited
By INSOL INDIA EDITORIAL BOARD Posted On : September 18, 2019
The Mumbai Bench of the National Company Law Tribunal (“NCLT”), vide its order dated September 04, 2019, approved the resolution plan submitted by Patanjali Ayurved Limited (“Patanjali”) in relation to the corporate insolvency resolution process of Ruchi Soya Industries Limited.
The NCLT before approving the resolution plan, had imposed certain modifications in the resolution plan submitted by Patanjali and had requested Patanjali to submit various affidavits before the NCLT in order to satisfy the NCLT that such modifications are acceptable to Patanjali.
Upon submission by Patanjali of the required information and affidavits, the NCLT finally approved the resolution plan submitted by Patanjali. While approving the resolution plan, the NCLT clarified that it has dealt with every aspect of the resolution plan in detail and all the claims which have been admitted during the corporate insolvency resolution process of Ruchi Soya are being dealt with by it in terms of the resolution plan.