Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) dismissed last week an application seeking closure of Rolta Indias corporate insolvency resolution process (CIRP) under the Insolvency & Bankruptcy Code (IBC).
A consortium of lenders to Rolta, represented by advocates Rohit Gupta and Nausher Kohli, had opposed a plea for closure of the process, saying they have an outstanding of around Rs 5,400 crore. The debt owed to them is substantial, said PSU lenders and financial creditors before the NCLT bench of judicial member Suchitra Kanuparthi and member (technical) Chandra Bhan Singh. They said withdrawal of CIRP would only lead to multiplicity of proceedings against the corporate debtor before the tribunal, which must nece…
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