A bankruptcy court on Thursday admitted military-focussed software developer Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India.
The Mumbai Bench of the National Company Law Tribunal (NCLT) appointed Mamta Binani as the interim resolution professional for the listed firm.
Union Bank had approached the bankruptcy court in February 2020 after the Mumbai-based company defaulted on dues of over 1,413 crore to the lender.
The lender’s counsel, Rohit Gupta, had argued that the company owed more than 5,523 crore to its financial creditors and that it was a fit case for the tribunal to admit for the resolution process. He said the petition was filed almost three years a…
Read the full article at: https://economictimes.indiatimes.com/news/company/corporate-trends/nclt-admits-union-banks-insolvency-plea-against-rolta/articleshow/97147776.cms