Patanjali has, in a letter to Ruchi Soya’s lenders, cited Section 29A of the Insolvency and Bankruptcy Code
(IBC). Section 29A states the bidders for an insolvent company need to meet specified eligibility criteria. Specifically, it means a bidder cannot be allowed to offer a resolution plan under CIRP if the bidding company is ‘connected’ to another stressed-loan corporate. Pranav Adani, MD of Adani Wilmar
and a relative of Adani Group
chief Gautam Adani, is married to Namrata, daughter of Vikram Kothari, the erstwhile promoter of Rotomac group who was arrested by the CBI, in February, after Bank of Baroda complained of a fraud by his company. According to the recent IBC ordinance, approved by the President on June 6, the definition of “connected person” has broadened to include “related party” and “relatives” like members of the family, husband, wife, father, mother and other familial relations, including in-laws.