The National Company Law Tribunal (NCLT) has dismissed a petition of the promoters of IT firm Rolta India Ltd seeking one-time settlement and regain the control of the company facing insolvency proceedings.

In an order dated August 6, 2021, the tribunal rejected the Section 12 A plea of the promoters, Rolta said in a regulatory filing on Saturday.

"... Stock Exchanges are further informed that on August 06, 2021, NCLT (pronounced orally in open court) has dismissed the applications filed under Section 12A of the Code at the instance of ex-management seeking withdrawal of the captioned petition post initiation of Corporate Insolvency Resolution Process (CIRP).

"Further, in terms of the directions passed by the Hon’ble NCLT, CIRP is to be continued as per the provisions of the Insolvency & Bankruptcy Code, 2016, for Rolta India as well as its subsidiaries viz., Rolta Defence Technology Systems Pvt Ltd and Rolta BI & Big Data Analytics Pvt Ltd ," it added.

A copy of the order will be disseminated by the company upon receipt of a detailed signed copy thereof, the filing said.

Under Section 12A of IBC, the tribunal can permit withdrawal of an ongoing insolvency process against a company subject to certain conditions.

On May 13, 2021, NCLT had admitted a petition filed by one Dinesh Gupta, an employee of Rolta Ltd, who had worked as Group Manager between April 1, 2013 to June 14, 2019 and had directed to initiate insolvency proceedings.

Gupta had claimed an amount due with interest of Rs 10.42 lakh as he was not paid salaries for January-June 2019 along with leave encashment and gratuity.

NCLT had appointed Vandana Garg as as an Interim Resolution Professional to conduct the insolvency resolution process of Rolta India.

"This Bench, on perusal of the documents filed by the petitioner, is of the view that the Corporate Debtor defaulted in paying the total outstanding dues to the petitioner.

"Therefore, the petition under Section 8 & 9 of the Code is taken as complete, accordingly this Bench hereby admits this petition... " NCLT had said in its order on May 13, 2021.