The National Company Law Appellate Tribunal (NCLAT) has granted another extension, of one week, to Patanjali Ayurved for completion of Rs 4,350 crore resolution plan to acquire debt-ridden edible oil firm Ruchi Soya. A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya extended the deadline to December 23.
Earlier, on November 20, the appellate tribunal had extended the deadline till December 16 for implementation of the resolution plan for Ruchi Soya. The original deadline for implementation of the resolution plan was November 21. The NCLAT's order came over an application moved by the Haridwar-based firm seeking extension of timeline.
However, the appellate tribunal also granted liberty to the lenders of debt-ridden Ruchi Soya to approach it in case Patanjali fails to make the promised payment within the stipulated time-frame.
Ruchi Soya Industries is a leading manufacturer and India’s largest marketer of healthier edible oils, soya food, premium table spread, vanaspati and bakery fats. It is also the highest exporter of soya meal, lecithin and other food ingredients from India.
