The insolvency tribunal has okayed Baba Ramdev-led Patanjali Ayurved's bankruptcy resolution plan worth Rs 4,350 crore for edible oil firm Ruchi Soya. The NCLT approved the bid on Thursday. According to the report, a consortium led by Patanjali Ayurved will take over edible oil maker Ruchi Soya for Rs 4350 crore. Patanjali's bid for Ruchi Soya has been going on for a long time. The NCLT nod will help in further expanding Baba Ramdev's business empire.
Out of the aggregate amount of Rs 4,350 crore, a sum of Rs 4,235 crore shall go towards each class of creditors and stakeholders and the rest Rs 115 crore towards equity infusion for improving operations of Ruchi Soya.
The tribunal is also seeking clarity on the source of funds of about Rs 600 crore, which is part of the bid amount.
The average liquidation value submitted by registered valuers is Rs 2,391 crore, and the fair value submitted by registered valuers is Rs 4,162 crore.