# In the matter of Rolta India Limited

> NCLT judgment dated 2024-05-07. Citation: TCN-2024-NCLT-01411. Ashdan Properties Private Limited filed an application (IA No. 1898/2024) in the Corporate…

- **Court:** NCLT
- **Order date:** 7 May 2024
- **Citation:** TCN-2024-NCLT-01411
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rolta-india-limited-e22db79a

## Summary

### Background

Ashdan Properties Private Limited filed an application (IA No. 1898/2024) in the Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited, seeking directives against the Resolution Professional (RP) and the Committee of Creditors (CoC). The applicant, being the H1 bidder, challenged the CoC's decision to invite enhanced financial offers from all Prospective Resolution Applicants (PRAs) after the closure of the negotiation process. The CIRP was initiated on 19.01.2023, and the RP was appointed on 17.02.2023. The applicant's contention is that the CoC's action violates the terms of the Process Note and the Request for Resolution Plan (RFRP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited was initiated on 19.01.2023. Ashdan Properties Private Limited emerged as the H1 bidder with the highest Net Present Value (NPV) of Rs. 7,57,88,00,000/-. Negotiations took place between Ashdan Properties and the Committee of Creditors (CoC). The CoC invited enhanced financial offers from all Prospective Resolution Applicants (PRAs) after the negotiation process with Ashdan Properties was seemingly concluded on 18.04.2024. Ashdan Properties objected to this invitation, arguing it violated the Process Note and Request for Resolution Plan (RFRP). Despite the objection, Ashdan Properties submitted an enhanced financial offer of Rs. 852 crores. The CoC's decision was influenced by an unsolicited offer

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## Issues and analysis

### Issue 1: Whether the Resolution Professional and the CoC were acting within their power when they invited …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount, and the CoC has

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**Reasoning:** The court reasoned that the clauses in the RFRP and Process Note reserve the rights of

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**Interpretation:** The court interpreted the relevant clauses of the RFRP and Process Note to mean

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**Application:** The court applied the ratio to the facts of the case, finding that the CoC's

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## Parties

- **Judges:** SH. Justice…; SH. PRABHAT…
- **Appellants:** Ashdan Properties…
- **Respondents:** Rolta India…; Mamta Binani &…

## Timeline

- **2023-01-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited initiated by the…
- **2023-02-17 — RP Appoin…**: Respondent No. 1 appointed as the Resolution…

## 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)

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