Resolution Professional Mamta Binani Seeks Fresh Bids For Rolta India

The development comes after Rolta’s creditors recently rejected the sole resolution offer from the suitor
Resolution Professional Mamta Binani Seeks Fresh Bids For Rolta India
Image Source: Mamta Binani & Associates

Rolta India Ltd.’s Resolution Professional Mamta Binani sought fresh expression of interest (EoI) for the company from potential suitors.

The last date to submit the EoI for the bankrupt software services provider is 28 October, Binani said in a public announcement. The EoI should be sent to roltaindia.cirp@gmail.com, she added.

Binani said the provisional list of prospective resolution applicants is likely to be released on 31 October.

The development comes after Rolta’s committee of creditors recently rejected the sole resolution offer from the suitor.

Reportedly, iron and steel maker Rashmi Metaliks Ltd. had submitted a resolution plan for Rolta, while the government-owned National Asset Reconstruction Company Ltd. (NARCL) has offered 600 crore rupees ($72 million) to creditors to acquire the bankrupt firm’s debt.

The Mumbai-based IT firm is undergoing the corporate insolvency resolution process (CIRP) after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted a petition filed by its financial creditor Union Bank of India on 19 January, alleging a default of 1,413.47 crore rupees.

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

Note: $1 = 83.2286 Indian rupees

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