Rolta India Creditors To Meet This Week

The bankrupt software services provider recently received lukewarm response from prospective resolution applicants
Rolta India Creditors To Meet This Week

Rolta India Ltd.’s committee of creditors will meet this week to discuss the company’s corporate insolvency resolution process.

The bankrupt software services provider’s committee of creditors is scheduled to meet on 6 September, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement.

Binani, who didn’t provide further details, said the creditors will meet again on 11 September.

Last month, Rolta received lukewarm response from the prospective resolution applicants despite granting more time to submit or resubmit their resolution plans.

Rolta is undergoing the corporate insolvency resolution process after the National Company Law Tribunal admitted a petition filed by its financial creditor Union Bank of India on 19 January, alleging a default of 1,413.47 crore rupees ($171 million).

The company’s financial creditors include Bank of Baroda, Bank of India, Canara Bank and Union Bank of India.

Note: $1 = 82.7246 Indian rupees

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