# In the matter of Rolta India Limited C.P. (IB) No. 4375-NCLT-MB-2018

> NCLT judgment dated 2019-10-22. Citation: TCN-2019-NCLT-00884. The case involves an application filed by Value Partners Greater China High Yield Income Fund…

- **Court:** NCLT
- **Order date:** 22 Oct 2019
- **Citation:** TCN-2019-NCLT-00884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rolta-india-limited-cp-ib-no-4375-nclt-mb-2018-1a77c4d4

## Summary

### Background

The case involves an application filed by Value Partners Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund, the Financial Creditors, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Rolta India Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a total default of USD 14,60,50,963/- equivalent to ₹1060,11,53,004/- including interest as on 13.11.2018. Rolta India Limited is the parent company and guarantor to the principal borrowers, Rolta LLC and Rolta Americas LLC. Rolta LLC issued Senior Notes for USD 200,000,000, and Rolta Americas LLC issued Senior Notes for USD 300,000,000. The Applicants were authorized by Cede & Co., the Holder of

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## Facts

Value Partners Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund (Financial Creditors) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Rolta India Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a total default of USD 14,60,50,963/-, equivalent to ₹1060,11,53,004/-, including interest as of 13.11.2018. Rolta India Limited is the parent company and guarantor for Rolta LLC and Rolta Americas LLC (Principal Borrowers). Rolta LLC issued Senior Notes for USD 200,000,000, and Rolta Americas LLC issued Senior Notes for USD 300,000,000. The Applicants were authorized by Cede & Co., the Holder of Notes, to take action regarding the Rolta

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## Issues and analysis

### Issue 1: Whether the Applicants, Value Partners Greater China High Yield Income Fund and Pinpoint …

**Ratio:** Section 7 of the I&B Code allows a financial creditor to initiate CIRP against a

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**Reasoning:** The NCLT observed that the Applicants were specifically authorized by Cede & Co., the

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**Interpretation:** The authorization letters issued by Cede & Co. specifically authorized the

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**Application:** The NCLT applied the ratio to the facts, finding that the Applicants, having

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## Parties

- **Judges:** Mr V.P.…; Mr Rajesh…; +1 more
- **Appellants:** Value Partners…
- **Respondents:** Rolta India…
- **Advocates:** Dhananjay…; Surbhi P…; +6 more

## Timeline

- **2018-11-13 — Default…**: The Financial Creditors claimed a total default of USD 14,60,50,963/- equivalent to…
- **2018-11-15 — Application…**: The Application under Section 7 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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