Union Bank of India, a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Rolta India Limited, the corporate debtor, for the realization of Rs. 1233,54,79,298/- due as of 7.9.2018. The petition was based on an RBI circular dated 12.2.2018. Rolta India Limited had challenged the RBI circular in Writ Petition No. 237/2019 before the Supreme Court. A consortium meeting of lenders was convened on 5.2.2019 to discuss the status of the NCLT application. The Supreme Court, in its order dated 12.4.2019, clarified that the status quo order had ended and that proceedings based on the RBI circular should end.

Union Bank of India, a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate CIRP against Rolta India Limited, the corporate debtor, for the realization of Rs. 1233,54,79,298/- due as of 7.9.2018. The petition was based on an RBI circular dated 12.2.2018. Rolta India Limited had challenged the RBI circular in Writ Petition No. 237/2019 before the Supreme Court. A consortium meeting of lenders was convened on 5.2.2019 to discuss the status of the NCLT application. The Supreme Court, in its order dated 12.4.2019, clarified that the status quo order had ended and that proceedings based on the RBI circular should end.