Ruchi Soya insolvency: Adani Wilmar ineligible to bid, says Patanjali

The firm's brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold

Patanjali Ayurved has raised concerns about Adani Wilmar’s eligibility to bid for Ruchi Soya, which is facing insolvency and bankruptcy proceedings.

Patanjali has, in a letter to Ruchi Soya’s lenders, cited Section 29A of the Insolvency and Bankruptcy Code (IBC). Since Business Standard has not seen the letter, it cannot verify the allegations raised. 

The Committee of Creditors (CoC) comprising the lenders met on Wednesday to discuss the bids made by both companies and their respective resolution plans for the insolvent entity. Ruchi Soya was admitted to the Corporate Insolvency Resolution Process (CIP) in December 2017. Financial creditors have filed