Rolta India Creditors To Meet Next Week

Rolta India Ltd.’s creditors are scheduled to meet next week to discuss the software services provider’s insolvency resolution.

The 18th meeting of committee of creditors will be held on 12 February, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement. She didn’t disclose further details.

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 = 82.9869 Indian rupees

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