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.
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