Voting has gone in our favour," Patanjali Ayurved spokesperson S K Tijarawala said. Shailendra Ajmera was appointed as resolution professional (RP) to manage the company's affairs and conduct insolvency proceedings.Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for the Ruchi Soya. This excluded capital infusion of Rs 1,700 crore into the company.Ruchi Soya Industries owes around Rs 9,345 crore to financial creditors.Among financial creditors, State Bank of India (SBI) has the maximum exposure of around Rs 1,800 crore, followed by Central Bank of India Rs 816 crore, Punjab National Bank Rs 743 crore and Standard Chartered Bank - India Rs 608 crore.Ruchi Soya has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. "We have revised our bid to Rs 4,350 crore from earlier offer of Rs 4,160 crore. We are ready to bail out Ruchi Soya which has the biggest infrastructure for soyabean.

Source: Economic Times April 30, 2019 16:55 UTC