Ruchi Soya Industries Faces Bankruptcy Law Suit
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.