Baba Ramdev's Patanjali has moved National Company Law Tribunal (NCLT) against the decision of Ruchi Soya's lenders selecting the offer of Adani Wilmar.
Baba Ramdev’s Patanjali has moved National Company Law Tribunal (NCLT) against the decision of Ruchi Soya’s lenders selecting the offer of Adani Wilmar for the bankrupt company under the Insolvency and Bankruptcy Code (IBC). The NCLT will hear the matter on August 27.
Patanjali and Adani Wilmar were engaged in a long-drawn battle for Ruchi Soya. Patanjali was first chosen as the highest bidder for the company, following which Adani Wilmar was given a chance to revise its offer under a clause. Eventually, Committee of Creditors (CoC) voted to approved Adani Wilmar’s bid.
According to PTI, Adani Wilmar emerged the highest bidder with a Rs 6,000 crore offer, while Patanjali fell short of Rs 300 crore as it offered Rs 5,700 crore. Patanjali had earlier asked the resolution professional (RP) of Ruchi Soya about Adani Wilmar’s eligibility to participate in the process. Patanjali sought clarification on the parameters adopted by the RP for selecting Adani Wilmar’s offer.
Adani Wilmar had challenged Patanjali’s first offer under the Swiss Challenge system, which allowed it to revise its offer. Patanjali, PTI reported, instead of submitting a fresh bid, sought clarification from the RP. The Baba Ramdev company also questioned the appointment of Cyril Amarchand Mangaldas as RP’s legal advisor as the said law firm was already advising Adani Group.