Rolta India Creditors To Meet On 6 October

Rolta India Ltd.’s creditors are set to meet on 6 October to discuss the matters related to the company's corporate insolvency resolution process (CIRP).

This will be the 13th meeting of bankrupt software services provider’s creditors, Rolta’s Resolution Professional Mamta Binani said in a stock exchange announcement. She didn’t provide further details.

The company’s creditors, who previously gave its sole suitor until 20 September, to submit a revised bid, are planning to extend its CIRP period by up to 60 days.

Reportedly, iron and steel maker Rashmi Metaliks Ltd. had submitted a resolution plan for Rolta, while the government-owned National Asset Reconstruction Company Ltd. (NARCL) has offered 600 crore rupees ($72 million) to creditors to acquire the bankrupt firm’s debt.

The Mumbai-based IT firm is undergoing the CIRP 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 and Canara Bank.

Note: $1 = 83.2196 Indian rupees

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