Mumbai: The National Company Law Tribunal (NCLT) Thursday approved yoga-exponent-Ram Dev-run Patanjali's revised Rs 4,350-crore bid to take over the edible oil maker Ruchi Soya, which owed banks over Rs 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 Rs 600 crore (which is part of the bid amount) before the next date of hearing on August 1.
The tribunal also asked the resolution professional to furnish the actual cost of the entre resolution process before the next hearing. "The resolution professional is directed to submit detailed break-up of the entire cost for the corporate insolvency resolutionprocess before the next date of listing on August 1," the tribunal said. Patanjali had acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over Rs 9,300 crore loans.
