14 March 2019: Lenders to the debt-laden Ruchi Soya, currently undergoing corporate insolvency resolution process, are considering forfeiting the Rs 50-crore earnest money deposit paid by Adani Wilmar as it has withdrawn from the process in January, citing a delay in the resolution process.
One lender aware of the development told FE on condition of anonymity: “The Patanjali plan was discussed at the meeting last week with most lenders seeming in favour. Barring a few details that are to be discussed and the formal voting, Patanjali offer seems good to go. Meanwhile, lenders are of the view that Adani was not fair in the process.”
A majority of the consortium of creditors (CoC) with exposure to Ruchi Soya has given their informal nod to Patanjali’s improved offer that promises financial lenders upfront payments of Rs 4,350 crore, against Rs 4,100 crore earlier, along with Rs 1,700 crore in fresh infusion into the company, the lender said.
“We would like to affirm that the resolution plans are being re-considered by the CoC pursuant to the Supreme Court order and not yet approved. Any further information on the resolution plan is strictly confidential in nature,” the company said in an exchange notice on Wednesday.
Back in August, more than 96% of the creditors had reportedly voted in favour of Adani Wilmar’s resolution plan for the insolvent Ruchi Soya that included a payment of Rs 4,300 crore to financial creditors and around Rs 1,700 crore equity infusion in the company. However, in January Adani Wilmar informed the Mumbai bench of the NCLT of its decision to withdraw citing delays in the resolution process.