NCLT reserves order on resolution professional plea in Ruchi Soya case

The bone of contention is that Ruchi Soya had approached the bank for fresh Letters of Credit (LCs), honoured by the latter on December 16 and then again on December 18

Ruchi Soya Industries, undergoing insolvency proceedings, has filed an application against ICICI Bank at the Bench here of the National Company Law Tribunal (NCLT), seeking to reverse a Rs 480-million debit made by the lender from the company’s current account. 

Ruchi Soya had debt of around Rs 120 billion as of December 31, 2017, and was admitted for the Corporate Insolvency Resolution Process (CIRP) on December 8, under the Insolvency and Bankruptcy Code (IBC). 

Senior counsel Navroz Seerwai, appearing for the Resolution Professional (RP) appointed in the case, told the Bench the debit had been made from the company’s  current account during