Intelligence note
Admitted 15 Dec 2017 by the Mumbai bench on a petition by Standard Chartered Bank (a financial creditor). Plan from Consortium of Patanjali Ayurved Limited, Divya Yog Mandir Trust, Patanjali Parivahan Pvt Ltd and Patanjali Gramudhyog Nyas approved 24 Jul 2019, 586 days after admission (resolved-case median: 630 days). Creditors realise 34.77% of ₹12,146.33 Cr admitted; haircut 65.2% (median 78.0% across resolutions). That is 176.6% of liquidation value (₹2,391.16 Cr), better than a break-up sale.
The 24 Jul 2019 approval was conditional: on 14 Aug 2019 the NCLT warned that it would pass a liquidation order if Patanjali did not file its affidavit accepting the plan's modification by 27 Aug 2019. On 03 Jan 2024 the Supreme Court referred to a larger bench the question of what a dissenting secured creditor is owed (2024 INSC 14). On 12 Aug 2026 the NCLT allowed the company's application against a pre-insolvency fuel-surcharge demand from its electricity supplier.
The 24 Jul 2019 approval was conditional: on 14 Aug 2019 the NCLT warned that it would pass a liquidation order if Patanjali did not file its affidavit accepting the plan's modification by 27 Aug 2019. On 03 Jan 2024 the Supreme Court referred to a larger bench the question of what a dissenting secured creditor is owed (2024 INSC 14). On 12 Aug 2026 the NCLT allowed the company's application against a pre-insolvency fuel-surcharge demand from its electricity supplier.
Claims at a glance
FC 77%
OC 23%
Total admitted ₹12,146.33 Cr
Case details
CIN
L15140MH1986PLC038536
Incorporated
1986
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) 1371 & 1372 (MB)/2017
Initiated by
FC — Standard Chartered Bank
Commencement
15 Dec 2017
Outcome Date
24 Jul 2019
Admitted Claims
₹12,146.33 Cr
Liquidation Value
₹2,391.16 Cr
Fair Value
₹4,161.86 Cr
Realisable Amount
₹4,223.11 Cr
Recovery vs Claims
34.77%
Recovery vs LV
176.6%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,269, full record) · all benches →
Plan at a glance
The deal
₹4,350 crores into an SPV: ₹4,235 crores to creditors and stakeholders, ₹115 crores of equity for operations
Winning plan
Patanjali consortium (led by Patanjali Ayurved Limited), with 96.95% of the CoC vote
Also in the race: Adani Wilmar Limited (AWL) (withdrew), Godrej Agrovet Limited (Godrej) (plan submitted), Emami Agrotech Limited (Emami) (plan submitted)
Also in the race: Adani Wilmar Limited (AWL) (withdrew), Godrej Agrovet Limited (Godrej) (plan submitted), Emami Agrotech Limited (Emami) (plan submitted)
Funding
The Bench directed the RP/Resolution Applicant to bridge the gap between the ₹600 crore internal-accrual source and approx. ₹145 crore evidenced.
Shares
SPV to be amalgamated with and into the company on and from the Closing Date; Resolution Applicant's funds (equity, Non-Convertible Debentures, preference shares, new debt) infused via the SPV
Payout period
On or around the Closing Date, which shall not be more than 75 days from the Effective Date
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 9,384.74 | 4,093.19 | 43.6% |
| Operational and other creditors | 2,761.57 | 141.81 | 5.1% |
| All creditors | 12,146.31 | 4,235.00 | 34.9% |
All creditors together: about 35 paise for every ₹1 of admitted claims.
Recent movement
24 Jul 2019
Resolution plan approved
Acquired by Consortium of Patanjali Ayurved Limited, Divya Yog Mandir Trust, Patanjali Parivahan Pvt Ltd and Patanjali Gramudhyog Nyas
Haircut 65.23%
Haircut 65.23%
Valuations & recovery
Fair value
₹4,161.86 Cr
Liquidation value
₹2,391.16 Cr
Recovery vs fair value
101.47%
Recovery vs liquidation value
176.6%
The plan
Successful applicant
Consortium of Patanjali Ayurved Limited, Divya Yog Mandir Trust, Patanjali Parivahan Pvt Ltd and Patanjali Gramudhyog Nyas
CoC approval
96.95% voting share · 23rd meeting · voted 30 Apr 2019
How the plan pays
·Applicant to infuse ₹4,350.00 Cr in an SPV to be amalgamated with the company: ₹4,235.00 Cr to settle creditors and ₹115.00 Cr as equity for operations. New debt of ₹3,233.36 Cr rests on in-principle sanctions from SBI and Union Bank of India. Verified claims ₹12,146.31 Cr.
EoI / Form-G detail
Plan submission by
2 May 2018
Evaluation matrix issued
2 Apr 2018
Dates as captured from IBBI on 30 Aug 2026
Case timeline
15 Dec 2017
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
15 further events in between
24 Jul 2019
Resolution plan approved
Acquired by Consortium of Patanjali Ayurved Limited, Divya Yog Mandir Trust, Patanjali Parivahan Pvt Ltd and Patanjali Gramudhyog Nyas
Haircut 65.23%
Haircut 65.23%
12 Mar 2020
Commercial Taxes appeal against plan approval dismissed (filed late)
NCLAT appeal read the order ↗
17 Feb 2022
Customs case on 2002 palmolein imports (outside the CIRP)
Supreme Court order read the order ↗
1 year 7 months elapsed · admission → resolution
Company
Legal name
PATANJALI FOODS LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
6 Jan 1986
Authorised capital
₹953.05 Cr
Paid-up capital
₹217.62 Cr
Industry (MCA)
Manufacturing (Food stuffs)
ROC
ROC Mumbai
Company status
Active
Registered address
616, Tulsiani Chambers Nariman Point, Mumbai, Mumbai City, Maharashtra, 400021, India
Claims profile
Admitted claims by creditor class
FC 77%
OC 23%
CLASS
ADMITTED
Financial creditors
₹9,384.75 Cr
Operational creditors
₹2,761.58 Cr
Total
₹12,146.33 Cr
Sources, basis and disclaimers → ·
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This case vs Food & Agro
Haircut65.2%
typical for this sector 75.2%
Recovery vs liquidation value176.6%
typical for this sector 128.3%
79% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution586 days
typical for this sector 576 days
Size rank in sector#1 of 132
Key parties
Resolution Professional
16 IBBI mandates · 4 of 5 resolved plans beat the liquidation floor
IRP at commencement
Shailendra Ajmera → · Dec 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Standard Chartered Bank FC
Resolution applicant
Consortium of Patanjali Ayurved Limited, Divya Yog Mandir Trust, Patanjali Parivahan Pvt Ltd and Patanjali Gramudhyog Nyas
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