Debt-ridden Ruchi Soya’s resolution is now complete. Patanjali Ayurved on Wednesday completed the payment to its lenders to acquire the company, multiple people aware of the development told CNBC-TV18.

Baba Ramdev-led Patanjali has now transferred both the debt and equity portion in a current account with State Bank of India which will then be transferred to all the lenders in the consortium, as per the plan approved by the creditors and courts, said a person in the know.

With this, the key lenders to Ruchi Soya are set to recover over 45 percent of their dues, added one of the people quoted above. To fund this acquisition, Patanjali Ayurved tied up with five banks, namely SBI (Rs 1300 crore), PNB (Rs 700 crore), Union Bank of India (Rs 600 crore), Syndicate Bank (Rs 400 crore) and Allahabad Bank (Rs 300 crore), a banking executive told CNBC-TV18.

While financial creditors have made claims of Rs 9,384 crore against Ruchi Soya, Patanjali has proposed to repay a total of Rs 4053.19 crore to them under resolution plan. Workmen and Employees are to be paid Rs 14.92 crore under Patanjali’s approved plan, and unsecured financial creditors Rs 40 crore.

CNBC-TV18 had earlier reported that Patanjali’s had sought seven days’ time to implement the resolution plan, after the NCLAT deadline of December 16 to implement the plan ended, and the company was still in the process of tying up equity for the acquisition.

Patanjali’s plan to take-over the company was approved under the Insolvency & Bankruptcy Code for a total amount of Rs 4,235 crores in July of this year. Shailendra Ajmera of EY acted as the resolution professional in this case.

First Published:Dec 18, 2019 8:41 PM IST