Rolta Creditors Ask Suitor To Submit Revised Resolution Plan By 20 September

Rolta India Ltd.’s committee of creditors gave the company’s sole resolution applicant until 20 September to submit its revised resolution plan.

The bankrupt software services provider’s creditors took the decision to allow more time to the resolution applicant to submit its duly complied resolution plan after deliberations on 13 September, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement.

Binani didn’t disclose the name of the resolution applicant, who was earlier asked by the creditors to submit a revised resolution plan.

Earlier this week, the Economic Times reported that iron and steel maker Rashmi Metaliks Ltd. had submitted a resolution plan for Rolta.

The report also said the government-owned National Asset Reconstruction Company Ltd. (NARCL) has offered 600 crore rupees ($72.33 million) to creditors to acquire the Mumbai-based bankrupt firm’s debt.

Last month, Rolta received lukewarm response from the prospective resolution applicants despite granting more time to submit or resubmit their resolution plans.

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.

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

Note: $1 = 82.9449 Indian rupees

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