National Company Law Tribunal (NCLT) gave final approval on Thursday for a bid of Rs 4,350 crore for Patanjali Ayurveda to buy edible oil company Interest Soya. Interest from soya lenders will suffer 60% of this resolution. The banks have outstanding dues of Rs 9,345 crore and other lenders, 2,800 crore rupees.
Two banks challenged Patanjali's bid but the petition was dismissed
The Tribunal rejected the Standard Chartered and DBS Bank's petitions. He challenged Patanjali's bid. They had to say that Patanjali has made a low bid. Therefore, under the resolution, they will get less money.
Resolutions Professional of Interest Soy had added 2,716.61 claims of operational creditors. However, it is not clear from the order of NCLT that the amount will be paid to operational creditors.
The tribunal was told the resolution professional that before the next hearing on August 1, Patanjali has asked to provide information about the funding of 600 crore rupees. This amount is only part of the bidding. The tribunal has also sought details of the actual expenditure of the entire resolution process.
Patanjali's counsel had said that the amount of 600 crores will be collected from the interiors but has not yet provided detailed details. Whereas the Tribunal has instructed 2 times.
Patanjali's MD Acharya Balkrishna has said that after receiving approval for the purchase of soya, it would help in furthering the indigenous campaign. Interest Soya Infrastructure will be used for the betterment of the farmers.
In December 2017, the NCLT had approved the introduction of a bankruptcy process against the interest of Standard Chartered Bank and DBS Bank, against Soya. Shailendra Ajmera was appointed as a resolution professional to manage the company's functioning and to complete the bankruptcy process. Patanjali Ayurveda remained the sole bidder company after taking the hand of Adani Wilmer from bidding.
