Patanjali Ayurved on Wednesday sought more time from the National Company Law Tribunal (NCLT) to file a detailed resolution plan for edible oil firm Ruchi Soya, which it has agreed to take over for ₹4,325 crore.

₹9,345 crore owed

The target company owes ₹9,345 crore to lenders led by SBI, which on Tuesday agreed, with about 96% vote, to go with the second revised bid by Patanjali.

Its initial offer was ₹4,160 crore along with ₹1,700 crore working capital. The deal leaves the banks with a huge haircut of over 51% of the debt.

When contacted, Patanjali spokesman S.K. Tijarawala confirmed the bid approval.

Granting time to Patanjali, the tribunal comprising V.P. Singh and Ravikumar Duraisamy posted the matter for further hearing on May 7.

Patanjali almost got a walkover after rival Adani Wilmar decided to pull out from the race late last year despite being the highest bidder. In December 2017, the NCLT referred Ruchi Soya for insolvency on applications moved by Standard Chartered Bank and DBS Bank.