StanChart, DBS Bank file insolvency case against Ruchi Soya at NCLT

In Feb, one of Ruchi Soya's unsecured creditors had also filed an insolvency case against the company

Two foreign lenders, Standard Chartered Bank and DBS Bank, have filed an insolvency suit against Ruchi Soya Industries at the National Company Law Tribunal (NCLT).

The company has informed the BSE that the banks have filed applications with NCLT's Mumbai bench to initiate the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The copy of the notice has been served to the company.

The company did not disclose the alleged amount in default.

Ruchi Soya's stock was trading flat at Rs 22 per share on the BSE.

In February this year, one of Ruchi Soya's unsecured creditors had also filed an insolvency case against the company for the recovery of an amount of Rs 9.63 crore, which company had disputed then.