Ruchi Soya In­dus­tries Faces Bank­ruptcy Law Suit

The Economic Times - - Brands & Companies -

Ruchi Soya In­dus­tries can­not get rid of le­gal bat­tles as a small lender, un­likely a com­mer­cial bank, has now filed an in­sol­vency law suit against the coun­try’s largest soya oil pro­ducer that has de­faulted in re­pay­ing loans. Last week, it won a wind­ing-up pe­ti­tion case against IDFC Bank, re­ports Saikat Das. “The com­pany has been served with a copy of In­sol­vency and Bank­ruptcy Ap­pli­ca­tion…filed by one of its un­se­cured cred­i­tors against the com­pany be­fore the Na­tional Com­pany Law Tri­bunal, Bom­bay for re­cov­ery of an amount of around .₹ 9.63 crore, which is dis­puted as per the com­pany,” Ruchi Soya said in a no­ti­fi­ca­tion to BSE on Mon­day.When a loan is given with­out any col­lat­eral, it is called un­se­cured credit. The com­pany is tak­ing ap­pro­pri­ate le­gal re­course in the mat­ter. But, it did not men­tion the lender’s name.


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