Standard Chartered, which had filed the case on 3 September, is trying to recover $52.5 million from Ruchi Soya, which is undergoing insolvency resolution. “There was a tripartite agreement between Standard Chartered Bank, Ruchi Soya and its subsidiary Avanti Industries. Under this agreement, Ruchi Soya received the money from Standard Chartered to supply goods to Avanti, and subsequently, Standard Chartered had to collect money from Avanti,” Shyam Kapadia, counsel for Standard Chartered, told NCLT. Standard Chartered is the second Ruchi Soya lender after the Australia and New Zealand Banking Group (ANZ Bank) to seek the status of a financial lender. The Standard Chartered spokesperson did not respond to a request for comment.

Source: Mint September 26, 2018 17:15 UTC