Rolta Creditors Again Extend Bid Submission Deadline

Rolta India Ltd.'s Resolution Professional Mamta Binani said the company’s committee of creditors approved extending its resolution plan submission deadline.

The creditors in a meeting on 3 July approved to give additional time to prospective resolution applicants for submitting their resolution plan for the bankrupt software services provider, Binani said in a stock exchange announcement.

She didn’t provide the new deadline. In June, the creditors approved extending the company’s resolution plan submission deadline to 5 July.

Binani said the new resolution plan submission deadline is subject to the admission of the application for extension of corporate insolvency resolution process (CIRP) period by the Mumbai bench of the National Company Law Tribunal (NCLT).

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

Rolta is undergoing the CIRP after the 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 ($172.48 million).

As of 9 May, Binani admitted a total claim of 14,018.96 crore rupees from the company's creditors. Rolta's creditors submitted a total claim of 16,755.23 crore rupees.

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

(Note: $1 = 81.9518 Indian rupees)

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