The Mumbai bench of NCLT on Friday admitted edible oil maker Ruchi Soya for insolvency resolution process under IBC. A detailed order is expected by Monday.
The company was referred to the tribunal by Standard Chartered Bank as well as DBS Bank, individually and both petitions have been admitted by the court. It owed more than Rs 5,300 crore to banks at the end of 2016-17.
The company is also a part of the list of companies that were given a deadline of December 13 by the RBI to come up with a resolution plan using any of the central bank’s schemes like SDR, S4A etc, failing which they will be taken to the NCLT by lenders till December 31. For this, a Joint Lenders Forum (JLF) constituted of more than 17 banks is already at …
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/nclt-admits-petitions-for-insolvency-resolution-against-ruchi-soya/articleshow/61985584.cms