DBS Bank has told the NCLT on Tuesday that it wants a higher share in the amount that Patanjali is offering to settle banks’ dues for the distressed Ruchi SoyaNSE -5.00 %. The bank has said that it has an exclusive charge over assets over the company and therefore a higher value of security. It has not opposed the plan but has pleaded that the approval of the plan by NCLT takes into account its claims.
DBS is owed Rs 243 crore by the stressed oil-maker and is getting 48% of its outstanding dues, much like other banks. The next hearing in the matter is scheduled to take place on Wednesday. Additionally, the insolvency tribunal on Monday also asked Patanjali to specify its source of funding for the Rs 4,320 crore plan that it has drawn up for the asset.
Patanjali had earlier shared that it has the backing of banks like State Bank of India, Union Bank of India and Bank of Baroda for some of its funding. The Baba Ramdev led FMCG major’s bid of Rs 4,320 crore got approved by lenders last week with a 96% favourable voting, PTI had reported.
Patanjali has come back in the race for the asset after the successful bidder Adani Wilmar pulled out last year citing delays in the resolution process. Patanjali then revised its earlier bid to emerge as the final successful bidder for the oil maker that will add 3.72 million tonnes valuable soyabean making capacity to Patanjali’s overall portfolio.
