Rolta Creditors Seek Revised Resolution Plan From Sole Suitor

Rolta India Ltd.’s committee of creditors asked the bankrupt software services provider’s sole resolution applicant to submit a revised resolution plan.

The creditors discussed the received resolution plan today and conveyed their decision to the resolution applicant, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement.

The resolution applicant proposed to submit the revised resolution plan and the creditors will meet again on 13 September to discuss the revised plan, Binani said, without disclosing the name of the resolution applicant.

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 ($171 million).

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

Note: $1 = 82.9979 Indian rupees

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