On 15th December 2017 Ruchi Soya Industries Limited (RSIL) entered into the Corporate Insolvency Resolution Process (CIRP) and Mr. Shailendra Ajmera was appointed to act as Interim Resolution Professional. The appointment was made by the National Company Law Tribunal on the application of the Financial Creditors Standard Chartered Bank and DBS Bank Limited, under the provisions of section 7(1) of Part 1 of the Insolvency and Bankruptcy Code 2016 (IBC)