Adani Wilmar, one of the two resolution applicants for Ruchi Soya Industries has received approval from the Competition Commission of India..Ruchi Soya was put under the insolvency resolution process in December 2017 and received a 90 day extension in June, 2018. Only two resolution applicants, Adani Wilmar and Baba Ramdev-led Patanjali are in the fray to acquire Ruchi Soya..Adani Wilmar had filed an application with the CCI under Section 6(2) of the Competition Act, 2002 on June 27, 2018, and a short order approving the combination has been passed on August 10, 2018. The formal order is expected to be published soon..It is unclear whether Patanjali, as the other resolution applicant, has applied to the CCI for such approval. The decision of the CoC on the winning resolution applicant is not yet out..The Mumbai Bench very recently had passed an order in the case of Ruchi Soya where a suspended director was seeking access to confidential documents available to members of the CoC. The NCLT dismissed the application and ruled that a suspended director does not require access to such confidential documents..Adani Wilmar was represented by Ankur Kashyap, of Chambers of Raja and Kashyap..(Read the short order)
Adani Wilmar, one of the two resolution applicants for Ruchi Soya Industries has received approval from the Competition Commission of India..Ruchi Soya was put under the insolvency resolution process in December 2017 and received a 90 day extension in June, 2018. Only two resolution applicants, Adani Wilmar and Baba Ramdev-led Patanjali are in the fray to acquire Ruchi Soya..Adani Wilmar had filed an application with the CCI under Section 6(2) of the Competition Act, 2002 on June 27, 2018, and a short order approving the combination has been passed on August 10, 2018. The formal order is expected to be published soon..It is unclear whether Patanjali, as the other resolution applicant, has applied to the CCI for such approval. The decision of the CoC on the winning resolution applicant is not yet out..The Mumbai Bench very recently had passed an order in the case of Ruchi Soya where a suspended director was seeking access to confidential documents available to members of the CoC. The NCLT dismissed the application and ruled that a suspended director does not require access to such confidential documents..Adani Wilmar was represented by Ankur Kashyap, of Chambers of Raja and Kashyap..(Read the short order)
