Mumbai, Dec 16: The National Company Law Tribunal (NCLT) has approved a resolution plan of ₹900 crore submitted by the Successful Resolution Applicant (SRA), Ashdan Properties Private Limited (APPL), for the corporate debtor, Rolta India Limited.
As per the order copy, APPL has been directed to implement the plan and infuse the entire total plan amount within 30 days of receiving the certified true copy of the NCLT approval order.
CIRP Initiated Following Union Bank Of India Plea
The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT on January 19, 2023, after a case was filed by Union Bank of India (UBI) against the company in 2020.
Post initiation of the CIRP, the tribunal appointed Dr Mamta Binani as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP) at the first Committee of Creditors (CoC) meeting held on February 17, 2023.
Resolution Plan Approved With 100% CoC Voting
Further, after inviting suitable resolution plans, the CoC, in its 25th meeting, approved the resolution plan of Ashdan Properties Private Limited with 100 per cent voting in favour through the e-voting mechanism concluded on August 2, 2024.
“On August 5, 2024, Ashdan Properties Private Limited was declared as the Successful Resolution Applicant and a Letter of Intent was issued by Dr Binani, which was unconditionally accepted by the Resolution Applicant on August 9, 2024, and the necessary performance security was furnished by the Resolution Applicant in due compliance with the clauses of the RFRP,” the order copy stated.
Plan Amount To Be Infused Within 30 Days Of Approval
The approved plan has a total financial outlay of ₹900 crore. The resolution proposal was unanimously backed by the Committee of Creditors, receiving 100 per cent of the votes in favour, with e-voting concluding on August 2, 2024.
“This financial proposal shall be part and parcel of the resolution plan dated April 22, 2024, submitted by Ashdan Properties Private Limited (‘Resolution Applicant’) for Rolta India Limited. The outstanding debt of all categories of creditors shall be settled through payment of a total consideration of ₹900 crore (‘Total Plan Amount’) as full and final settlement, as per the terms and conditions mentioned under the resolution plan and this financial proposal, on or before completion of 30 days from the NCLT approval date. Out of this amount, unpaid CIRP costs, outstanding contributions, dues of workmen and employees, government and statutory authorities, other operational creditors, dissenting financial creditors, and financial creditors (both secured and unsecured) shall be paid,” reads the extract mentioned by the SRA, APPL.
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