Rolta India: Mamta Binani Gets Only One Resolution Plan

Resolution Professional Mamta Binani says Rolta’s creditors will meet on 24 July to discuss its insolvency resolution
Rolta India: Mamta Binani Gets Only One Resolution Plan

Rolta India Ltd.'s Resolution Professional Mamta Binani received only one resolution plan from one of the prospective resolution applicants (PRAs).

The creditors will meet on 24 July to discuss the matters related to the bankrupt software services provider's corporate insolvency resolution process (CIRP), Binani said in a stock exchange announcement.

She didn’t identify the suitor, who submitted the resolution plan for Rolta.

The development comes after Rolta’s creditors recently gave additional time to PRAs for submitting their resolution plan for the company.

The company’s creditors previously approved extending its CIRP period beyond 180 days (i.e. 18 July 2023) by up to 90 days.

Rolta is undergoing the CIRP after the National Company Law Tribunal admitted a petition filed by its financial creditor Union Bank of India on 19 January, alleging a default of 1,413.47 crore rupees ($172.27 million).

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

(Note: $1 = 82.0499 Indian rupees)

(Send feedback to editor@cornerofficejournal.com)

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