India: Patanjali challenges approval of Adani Wilmar’s bid for Ruchi Soya

Patanjali Ayurved Ltd has challenged the approval of Adani Wilmar’s bid for Ruchi Soya Ltd’s acquisition, arguing that under the insolvency and bankruptcy code, relatives of a wilful defaulter can’t participate in a bidding process. On Monday, senior counsel J.P. Sen—representing Patanjali Ayurved—argued that the company is challenging the bid process as it violates the Section 29 (A) of the bankruptcy law.