The insolvency proceeding has been initiated against the company and the powers of the company's board have been suspended and being exercised by the Interim Resolution Professional(IRP).
In a regulatory filing, Ruchi Soya said the Resolution Professional (RP) had on February 8 sought expression of interest (EoI) for the company. The deadline for submission of EoI ended on February 22.
"As advised by the RP, the negotiations are at a nascent stage," the filing added.
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