Rolta Creditors Extend Resolution Plan Submission Deadline

The prospective resolution applicants get until 5 July to submit their resolution plan for Rolta India
Rolta Creditors Extend Resolution Plan Submission Deadline

Rolta India Ltd.’s committee of creditors approved extending the company’s resolution plan submission deadline to 5 July.

The bankrupt software services provider’s creditors took the decision in a meeting today, Resolution Professional Mamta Binani said in a stock exchange announcement, without providing the earlier deadline.

Binani said the creditors also approved extending Rolta’s corporate insolvency resolution period (CIRP) beyond 180 days (i.e. 18 July 2023) by up to 90 days.

They also gave their nod for making necessary application with the adjudicating authority following the electronic voting in the matter, she added.

Rolta is undergoing the 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 ($172 million).

As of 9 May, Binani admitted a total claim of 14,018.96 crore rupees from the company's creditors. Rolta's creditors submitted a total claim of 16,755.23 crore rupees.

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

(Note: $1 = 82.1193 Indian rupees)

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