Rolta India Gets Bids From Nine Suitors In Fresh Bidding Process

Creditors likely to seek extension of Rolta’s corporate insolvency resolution process period
Rolta India Gets Bids From Nine Suitors In Fresh Bidding Process

Rolta India Ltd.’s Resolution Professional Mamta Binani received nine resolution plans for the company from suitors in the fresh bidding process.

The Mumbai-based IT firm’s committee of creditors opened the resolution plans today in the presence of respective prospective resolution applicants, Binani said in a stock exchange announcement.

She didn’t disclose their names and the financial details.

Binani said the lenders deliberated on other matters related to the company’s’ corporate insolvency resolution process (CIRP), including seeking approval from the National Company Law Tribunal (NCLT) for granting extension/exclusion of 85 days in the CIRP period of the company.

In October, Binani sought fresh expression of interest for the company from potential suitors by 28 October. The development came after Rolta’s committee of creditors rejected the sole resolution offer from the suitor.

Rolta is undergoing the CIRP after the Mumbai bench of the NCLT admitted a petition filed by the company’s financial creditor Union Bank of India on 19 January, alleging a default of 1,413.47 crore rupees ($170 million).

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

Note: $1 = 83.3653 Indian rupees

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