Rolta India Creditors To Meet On 18 January

The bankrupt software services provider’s creditors will discuss the company's insolvency resolution
Rolta India Creditors To Meet On 18 January

Rolta India Ltd.’s creditors will meet on 18 January to discuss the matters related to the company's corporate insolvency resolution process (CIRP).

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 provide further details.

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 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 ($170 million).

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

Note: $1 = 82.8569 Indian rupees

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