Cyril Amarchand Mangaldas resigns as legal adviser to Adani Wilmar

MUMBAI: Law firm Cyril Amarchand Mangaldas (CAM) has resigned as legal adviser to `in the ongoing Ruchi Soya bankruptcy case to avoid any perception of conflict of interest, key people aware of the development said. Amarchand is also the legal adviser to the resolution professional handling the Ruchi bankruptcy case.

The revised bids for the edible oil maker will open on Tuesday as both Adani Wilmar and home-grown Ayurveda company Patanjali jostle to acquire the company, which failed to pay Rs 10,500 crore to banks. The law firm did not reply to ET’s email queries.

“Cyril Amarchand has resigned from the advisory role of Adani Wilmar while it continues to be an adviser for the resolution professional,” said a source close to the legal firm.


A resolution professional is a key official appointed by the National Company Law Tribunal to run the company’s day-today operations within the stipulated period of insolvency proceedings. “Some people involved in the process had raised objection to the Committee of Creditors citing a conflict of interest. It was followed by resignation,” said another person cited above.

ET independently could not verify whether it is a voluntary or a forced action. Both the contenders, Adani and Patanjali, submitted their revised bids on Monday, which will go through a process of Swiss Challenge, a method to decide final bidder differently.

Swiss challenge, a method that has been used in India by various states to award roads and housing projects, could become the final round to decide the winning bidder for Ruchi Soya.

Under the auction process, both candidates will submit their detailed resolution plan. As per the process finalised, Adani Wilmar will be given the first opportunity to raise its bid, which will be followed by an option to Patanjali to revise its offer. Adani Wilmar will then be given the second opportunity.