New Delhi : The resolution professional (RP) of bankruptcy-bound Ruchi Soya has sought at least 8-10 days’ time for replying to clarifications sought by Patanjali Ayurved related to eligibility of Adani Group to participate in the bidding process to acquire Indore-based edible oil firm.
Patanjali group has also sought information about the parameters adopted by the RP to declare Adani Wilmar as highest bidder (H1), besides questioning the appointment of Cyril Amarchand Mangaldas as the RP’s legal advisor as the said law firm was already advising Adani Group.
The Haridwar-based FMCG firm has raised the issue of neutrality and conflict of interest over the appointment of the law firm.
Adani Wilmar, which sells cooking oil under the Fortune brand, and Baba Ramdev’s Patanjali group are in race to acquire debt-ridden Ruchi Soya. According to sources, the RP has informed the Committee of Creditors (CoC) that it will take 8-10 days to reply to Patanjali, which has flagged concerns over Adani group’s eligibility to participate in the bidding process under Section 29 A of the Insolvency and Bankruptcy Code.
This section mandates that there should not be a past default by the resolution applicant or its promoters besides other conditions.
