Mumbai: The National Company Law Tribunal (NCLT) Thursday approved yoga-exponent-Ram Dev-run Patanjali's revised Rs 4,350-crore bid to take over the edible oil maker Ruchi Soya, which owed banks over Rs 9,345 crore.
However, the tribunal said the approval is subject to the tribunal resolution professional bridging the information gap regarding the exact source of funds worth Rs 600 crore (which is part of the bid amount) before the next date of hearing on August 1.
The tribunal also asked the resolution professional to furnish the actual cost of the entre resolution process before the next hearing.
"The resolution professional is directed to submit detailed break-up of the entire cost for the corporate insolvency resolution process before the next date of listing on August 1," the tribunal said.
Under the resolution plan, a total of Rs 4,235 crore has to be infused for settling creditors' and stakeholders' dues and the remaining Rs 115 crore would be infused as equity for improving the company's operations, NCLT bench of VP Singh and Ravikumar Duraisamy said in their order.
The resolution plan was earlier approved by Committee of Creditors (CoC) with a 96.85 per cent voting share.
The total verified claims were at Rs 12,146.13 crore of which a payment of Rs 4,235 crore was proposed.
Shailendra Ajmera of consultancy firm EY was the resolution professional to Ruchi Soya case.
On July 9, NCLT had directed Ruchi Soya's resolution professional to confirm whether an earlier National Company Law Appellate Tribunal's (NCLAT) order Essar Steel-ArcelorMittal case would have an impact on this case.
In the ArcelorMittal case, the appellate tribunal has passed an order that equal treatment to both operational and financial creditors, a move that would result in higher haircut by banks. However, the NCLT has taken a view that the Essar Steel order has no bearing on this case.