Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Rolta India Limited for the realization of Rs. 1233,54,79,298/- due as on 7.9.2018. The petition was based on a Reserve Bank of India (RBI) circular dated 12.2.2018. Rolta India Limited challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019. A consortium meeting was held on 5.2.2019, where lenders discussed the status of the NCLT application and other critical issues. The company had requested a No Objection Certificate (NOC) for disinvestment, but lenders had not issued it due to unresolved critical issues. Tech Mahindra withdrew its offer for disinvestment. Union
…Union Bank of India initiated CIRP against Rolta India Limited under Section 7 of IBC, seeking to recover Rs. 1233,54,79,298/- due as of 7.9.2018. The CIRP application was based on the RBI circular dated 12.2.2018. Rolta India Limited challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019. A consortium meeting of lenders on 5.2.2019 discussed the NCLT application status. Lenders expressed concern over the company's non-participation. The company's request for NOC for disinvestment was not addressed due to unresolved issues. Tech Mahindra withdrew its disinvestment offer. Union Bank of India, Bank of India, and Central Bank of India issued recall notices. Central Bank of India filed a DRT suit. Band Holders and Akbar Travels filed applications
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Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Rolta India Limited for the realization of Rs. 1233,54,79,298/- due as on 7.9.2018. The petition was based on a Reserve Bank of India (RBI) circular dated 12.2.2018. Rolta India Limited challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019. A consortium meeting was held on 5.2.2019, where lenders discussed the status of the NCLT application and other critical issues. The company had requested a No Objection Certificate (NOC) for disinvestment, but lenders had not issued it due to unresolved critical issues. Tech Mahindra withdrew its offer for disinvestment. Union
…Union Bank of India initiated CIRP against Rolta India Limited under Section 7 of IBC, seeking to recover Rs. 1233,54,79,298/- due as of 7.9.2018. The CIRP application was based on the RBI circular dated 12.2.2018. Rolta India Limited challenged the RBI circular in the Supreme Court via Writ Petition No. 237/2019. A consortium meeting of lenders on 5.2.2019 discussed the NCLT application status. Lenders expressed concern over the company's non-participation. The company's request for NOC for disinvestment was not addressed due to unresolved issues. Tech Mahindra withdrew its disinvestment offer. Union Bank of India, Bank of India, and Central Bank of India issued recall notices. Central Bank of India filed a DRT suit. Band Holders and Akbar Travels filed applications
…The Insolven…
Date of the Reserve…