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StanChart Bank files insolvency case against Ruchi Soya

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Mumbai : Standard Chartered Bank has filed an insolvency petition against Ruchi Soya Industries Ltd in the National Company Law Tribunal, the company told the exchanges Friday. The Madhya Pradesh based company had defaulted on 336.4-mln-rupee external commercial loan taken from Standard Chartered Bank, as per its annual report of 2016-17 (Apr-Jun).

As of Mar 31, Ruchi Soya Industries’ total debt stood at 53.3 bln rupees. State Bank of India, ICICI Bank, Union Bank of India, Axis Bank, and Bank of India are some of the 16 lenders to the company. The company has also defaulted on term loans taken from State Bank of India and DBS Bank, its annual report said. In 2016, IDBI Bank had filed a winding-up suit against the company.