Why Baba Ramdev’s Patanjali Is Challenging Adani Wilmar’s Winning Bid For Ruchi Soya financialexpress.com

Ruchi Soya deal: Slugfest over the acquisition of Ruchi Soya refuses to die down. After creditors of debt-ridden firm selected Adani Wilmar’s resolution plan, Baba Ramdev’s Patanjali moved NCLT seeking its disqualification. Patanjali’s foremost argument is that Adani Wilmar is not eligible to make a bid according to Section 29A of the Insolvency and Bankruptcy Code (IBC).

Since Pranav Adani, MD of Adani Wilmar and a relative of Adani Group chief Gautam Adani, is related to Vikram Kothari family, former promoter of Rotomac group, which has allegedly defaulted on nearly Rs 3,700 crore in bank loans, Patanjali has sought cancellation of the approval for the Adani Wilmar bid, The Indian Express has learned. The relatives of defaulters are not allowed to make a bid for firms which are undergoing corporate insolvency resolution.