The insolvency resolution of Ruchi Soya under the Insolevncy and Bankruptcy Code (IBC) is likely to be completed on December 16, a source told CNBC-TV18.
The dues of lenders to Ruchi Soya are also expected to be settled on the same day, the sources added.
The National Company Law Tribunal (NCLT), in July, cleared Patanajali Ayurveda’s takeover of Ruchi Soya under the IBC, and approved its resolution plan in September.
Patanjali secured funds from the State Bank of India, Union Bank, Punjab National Bank, Syndicate Bank and Allahabad Bank before.
Also read | Patanjali secures Rs 3,200 cr loan from banks to buy Ruchi Soya
The report noted that the total admitted claims from financial creditors against Ruchi Soya is Rs 9,384 crore, while secured financial creditors would get Rs 4,053.19 crore. Under the resolution plan, workmen and employees are to be paid Rs 14.92 crore and unsecured financial creditors are to receive Rs 40 crore.
Ruchi Soya went into insolvency in December 2017. Following this, the insolvency plea filed by two lead creditors — Standard Chartered Bank and DBS Bank — was admitted by the NCLT.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
