NCLT dismisses Rolta promoters’ plea for one-time resolution

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NCLT dismisses Rolta promoters’ plea for one-time resolution

New Delhi, Aug 7 (PTI) The National Company Law Tribunal (NCLT) has appealed to the promoters of IT company Rolta India Ltd for one-time resolution and control of the company going through insolvency proceedings.

Rolta said in a regulatory notice on Saturday that in an order dated August 6, 2021, the NCLT dismissed the promoters’ petition filed under Section 12A.

It said, “The stock exchanges are further informed that on August 6, 2021, the NCLT (orally stated in open court) dismissed the petitions filed under section 12A of the Code on the request of ex-management In the request, the above petition was sought to be withdrawn after the commencement of the Corporate Insolvency Resolution Process (CIRP).

According to the information, “In terms of the orders issued by NCLT, the provisions of the Insolvency and Bankruptcy Code, 2016 for Rolta India as well as its subsidiaries.. Rolta Defense Technology Systems Pvt Ltd and Rolta BI & Big Data Analytics Pvt Ltd. CIRP will continue as per the provisions.”

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