Rolta India Suitors Get More Time To Submit Resolution Plan

The creditors grant suitors until 12 August to submit or resubmit their resolution plan for the bankrupt software services provider
Rolta India Suitors Get More Time To Submit Resolution Plan

Rolta India Ltd.’s prospective resolution applicants (PRAs) received an extension of time until this week to submit or resubmit their resolution plan for the company.

The company’s committee of creditors on Saturday granted the PRAs until 12 August to submit or resubmit their resolution plan for the bankrupt software services provider, Resolution Professional Mamta Binani said in a stock exchange announcement.

The creditors took the decision with an aim to increase the participation of PRAs and enhance the value of the assets of the company. The development came after Binani earlier received only one resolution plan for the company.

Binani said other matters related to challenge and distribution mechanism were deferred at the request of creditors until next meeting. She didn’t provide the date of next meeting.

Rolta is undergoing the corporate insolvency resolution process 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 ($171 million).

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

(Note: $1 = 82.6993 Indian rupees)

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