According to a PTI report: Adani Wilmar, which emerged as the highest bidder in August last year after a long drawn battle with Patanjali, has withdrawn from the race citing delay in completion of the insolvency process.
“We have revised our bid to Rs 4,350 crore from earlier offer of Rs 4,160 crore. We are ready to bail out Ruchi Soya which has biggest infrastructure for soyabean. It’s a national asset,” S K Tijarawala, Spokesperson, Patanjali was quoted by PTI as saying.
He said the decision has been taken in the interest of all the stakeholders including farmers and consumers.
The Committee of Creditors (CoC) could meet next week to consider the revised offer of Patanjali, sources said.
In December 2017, Indore-based Ruchi Soya Industries was referred for the Corporate Insolvency Resolution Process. Shailendra Ajmera was appointed the resolution professional (RP) by NCLT on the application of creditors Standard Chartered Bank and DBS Bank under the Insolvency and Bankruptcy Code.
In December last year, Adani Wilmar had written to the RP regarding significant delays in resolution process, leading to deterioration of the assets.
Adani Wilmar had said the process was getting delayed as Patanjali moved National Company Law Tribunal (NCLT) Mumbai, challenging the lenders’ decision.
Patanjali Ayurved had approached NCLT challenging the decision of Ruchi Soya’s lenders to approve Adani Wilmar’s Rs 6,000 crore takeover bid. Patanjali group came second with around Rs 5,700 crore bid, including the infusion of about Rs 1,700 crore in the edible oil company.