Rolta Creditors To Meet On 17 February To Discuss Insolvency Resolution

Rolta India Ltd.’s committee of creditors will meet on 17 February to discuss the matters related to the company’s corporate insolvency resolution process (CIRP).

This will be the first meeting of the company’s committee of creditors, the bankrupt software services provider Interim Resolution Professional Mamta Binani said in a stock exchange announcement.

Binani, who last month asked the company’s creditors to submit their claim details by 2 February, didn’t provide further details.

Rolta’s creditors, including financial and operational, have filed a total claim of 10,095.43 crore rupees ($1.22 billion) against the company, Binani said in a separate statement. Out of the total amount, claims of 6,946.95 crore rupees have been admitted as on 9 February, she added.

The claim amount of 3,121.12 crore rupees is under the verification process, while some claims have been rejected, according to the list of creditors submitted by Binani. The financial creditors include Bank of Baroda, Bank of India, Canara Bank and Union Bank of India.

Binani said the list of creditors is subject to further revision on the basis of details received from them during the verification process.

Rolta, whose Chief Financial Officer Dinesh Kapadia recently resigned, is undergoing the CIRP after the Mumbai bench of the National Company Law Tribunal (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. The NCLT had appointed Binani as the IRP of the company.

($1 = 82.4735 Indian rupees)

(Send feedback to editor@cornerofficejournal.com)