Rolta India Creditors To Meet Today After Allowing Suitors To Submit Fresh Bids

Creditors will discuss the software services provider’s corporate insolvency resolution process
Rolta India Creditors To Meet Today After Allowing Suitors To Submit Fresh Bids

Rolta India Ltd.’s creditors are scheduled to meet today to discuss the software services provider’s corporate insolvency resolution process (CIRP) after recently allowing suitors to submit fresh bids.

The 19th meeting of committee of creditors will be held on 21 February, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement.

She didn’t disclose the time and detailed agenda of the meeting.

Rolta’s creditors recently allowed all the resolution applicants to submit fresh bids for the bankrupt IT company after the National Company Law Tribunal (NCLT) permitted the lenders to consider the resolution plan of Patanjali Ayurved Ltd., whose bid came after Pune-based developer Ashdan Properties was announced as the successful bidder.

Previously, local media reported that Patanjali Ayurved offered to acquire Rolta for around 830 crore Indian rupees ($100 million) in cash.

The Mumbai-based firm had received nine resolution plans from suitors in the fresh bidding process after its creditors rejected the sole resolution offer from the suitor in the earlier bidding process.

The company’s is undergoing CIRP after the Mumbai bench of the NCLT 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 = 82.9435 Indian rupees

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