# In the matter of Rolta BI & Big Data Analytics Private Limited

> NCLT judgment dated 2024-08-13. Citation: TCN-2024-NCLT-00820. The case involves an application (I.A. 331 of 2024) in a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 13 Aug 2024
- **Citation:** TCN-2024-NCLT-00820
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rolta-bi-big-data-analytics-private-limited-8df35cbb

## Summary

### Background

The case involves an application (I.A. 331 of 2024) in a Corporate Insolvency Resolution Process (CIRP) under C.P.(IB) No. 1122/MB/2021. Greenshift Initiatives Private Limited, the Applicant, sought permission to attend Committee of Creditors (CoC) meetings, and requested that the Resolution Professional (RP), Sonu Gupta, provide notice of all future CoC meetings. The Applicant's claim stems from an assignment agreement with Rolta Private Limited, a related party of the Corporate Debtor, Rolta Bi & Big Data Analytics Private Limited. The Applicant claims to be a financial creditor based on this assignment.

## Facts

The Corporate Debtor, Rolta Bi & Big Data Analytics Private Limited, was admitted into CIRP on 2023-10-13. The Applicant, Greenshift Initiatives Private Limited, entered into an Assignment Agreement dated 2023-11-06 with Rolta Private Limited, where Rolta Private Limited assigned its debt to the Applicant. The Applicant paid Rs. 3,25,000/- to Rolta Private Limited. The debt arose from financial assistance of Rs. 3,48,742 provided by Rolta Private Limited to the Corporate Debtor, acknowledged in a balance confirmation letter dated 2023-10-02. The Applicant filed a claim in Form-C dated 2023-11-08. The RP admitted the claim as an unsecured financial creditor. Rolta Private Limited is a related party to the Corporate Debtor. The assignment occurred after the

…

## Issues and analysis

### Issue 1: Whether the Applicant, as an assignee of debt from a related party of the Corporate Debtor during …

**Ratio:** The assignment of debt from a related party to a third party during the CIRP does not

…

**Reasoning:** The court reasoned that allowing the assignee to participate in the CoC would defeat the

…

**Interpretation:** The court interpreted Section 5(24) and Section 21 of the IBC, along with the

…

**Application:** In this case, Rolta Private Limited, a related party, assigned its debt to the

…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Greenshift…
- **Respondents:** Rolta Bi & Big…; Sohrab Rust…

## Timeline

- **2021-01-01 — C.P.(IB) No. 1122/MB/202…**: Filing of the Corporate Insolvency…
- **2023-10-02 — Balance Confirmation…**: Corporate Debtor acknowledged the debt in a balance confirmation letter to Rolta Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rolta-bi-big-data-analytics-private-limited-8df35cbb