Dinesh Gupta, an operational creditor and former employee of Rolta India Limited, initiated Corporate Insolvency Resolution Process (CIRP) against the company due to unsettled salary arrears. The company petition, CP No. 1069/I&BP/NCLT/MAH/2020, was admitted on 13.05.2021. Subsequently, Gupta filed an application (M.A. No. 1196/2021) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the CIRP based on a settlement reached with the company's promoter, Kamal Singh. This application was opposed by financial creditors who argued that the settlement was only with a subset of operational creditors (employees), leaving a substantial financial debt unsettled and potentially leading to a multiplicity of proceedings.
Dinesh Gupta, an operational creditor, initiated CIRP against Rolta India Limited due to unpaid salary arrears. The CIRP was admitted on 13.05.2021. Gupta then sought to withdraw the CIRP based on a settlement with the company's promoter, Kamal Singh. This settlement involved agreements with 32 employees who had filed applications under Section 9 of the IBC. The promoter clarified that settlements were reached with 77 additional employees following a Tribunal order dated 10.06.2021. However, financial creditors opposed the withdrawal, stating that Rolta India Limited owed them a substantial amount (Rs. 5,434.74 crores). The IRP reported receiving claims from financial creditors, operational creditors, and workmen/employees, totaling Rs. 5523.81 crores. The financial
…Sign in to view the parties.
Company Petit…
Company Petition No. 1069 of 2020 was…
Dinesh Gupta, an operational creditor and former employee of Rolta India Limited, initiated Corporate Insolvency Resolution Process (CIRP) against the company due to unsettled salary arrears. The company petition, CP No. 1069/I&BP/NCLT/MAH/2020, was admitted on 13.05.2021. Subsequently, Gupta filed an application (M.A. No. 1196/2021) under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the CIRP based on a settlement reached with the company's promoter, Kamal Singh. This application was opposed by financial creditors who argued that the settlement was only with a subset of operational creditors (employees), leaving a substantial financial debt unsettled and potentially leading to a multiplicity of proceedings.
Dinesh Gupta, an operational creditor, initiated CIRP against Rolta India Limited due to unpaid salary arrears. The CIRP was admitted on 13.05.2021. Gupta then sought to withdraw the CIRP based on a settlement with the company's promoter, Kamal Singh. This settlement involved agreements with 32 employees who had filed applications under Section 9 of the IBC. The promoter clarified that settlements were reached with 77 additional employees following a Tribunal order dated 10.06.2021. However, financial creditors opposed the withdrawal, stating that Rolta India Limited owed them a substantial amount (Rs. 5,434.74 crores). The IRP reported receiving claims from financial creditors, operational creditors, and workmen/employees, totaling Rs. 5523.81 crores. The financial
…Company Petit…
Company Petition No. 1069 of 2020 was…