Rolta India Creditors To Discuss Insolvency Resolution Today

Last week, creditors couldn't complete discussion on matters for making negotiations with prospective resolution applicants
Rolta India Creditors To Discuss Insolvency Resolution Today

Rolta India Ltd. creditors will meet today to discuss the company’s insolvency resolution.

This will be the 17th meeting of the bankrupt software services provider’s committee of creditors, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement. She didn’t disclose further details.

Last week, the creditors met to discuss the matters for making negotiations with the prospective resolution applicants on the terms and values of the resolution plan. The meeting, however, was not concluded and further adjourned until 6 February.

The Economic Times earlier reported that Baba Ramdev-led Patanjali Ayurved has offered to acquire Rolta for around 830 crore rupees ($100 million) in cash, just days after lenders declared Pune-based developer Ashdan Properties highest bidder for the company.

The Mumbai-based IT firm previously received nine resolution plans from suitors in the fresh bidding process. Rolta’s committee of creditors had rejected the sole resolution offer from the suitor in the earlier bidding process.

The company’s is undergoing insolvency resolution after the Mumbai bench of the National Company Law Tribunal admitted a petition filed by its financial creditor Union Bank of India on 19 January 2023, alleging a default of 1,413.47 crore rupees.

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

Note: $1 = 83.0496 Indian rupees

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