Rolta India creditors submits claims of over Rs 10,000 crore

The lenders of Rolta India have submitted claims of Rs 10,095 crore as of now. The claims have been submitted to the interim resolution professional – Mamta Binani, who has admitted claims amounting to Rs 6,947 crore. Over Rs 3,100 crore worth of claims are still under verification.

Of the Rs 10,095 crore, secured financial creditors of Rolta India have submitted claims amounting to Rs 7,099 crore, while unsecured financial creditors have submitted claims of Rs 2,120 crore. Rest of the claims have been submitted by operational creditors.

Among the secured creditors, Union Bank of India has submitted the highest claims of Rs 2,274 crore followed by Rs 1,508 crore by Central Bank of India and Rs 1,192 crore by Bank of India. Bank of Baroda has submitted claims of Rs 970 crore.

Among unsecured creditors, Pinpoint Multi-strategy Master Fund has the highest exposure of Rs 869 crore followed by Chinese fund Value Partners Greater China High Yield Income Fund (Rs 819 crore) and Bank of Baroda (Rs 431 crore).

The insolvency proceedings against Rolta India has been initiated by Union Bank of India as the former defaulted on a payment of Rs 1,413 crore to a consortium of lenders comprising Union Bank of India and Bank of India.

The NCLT admitted the insolvency petition on 19 January 2023.

Rolta India had opposed the insolvency petition by Union Bank of India citing the application was incomplete and defective, the Petitioner had failed to state the date of default.

Rolta is a provider of IT solutions to different set of clients, including Federal and State Governments, in defence and homeland Security, utilities, power, financial services, manufacturing, retail, and healthcare.

The company made a net loss of over Rs 1,000 crore in FY22 on a revenue of Rs 38 crore. In the previous year, the company had reported net losses of over Rs 3,000 crore.

At the end of FY22, the company had total debt of Rs 5,700 crore with Union Bank of India and Bank of India accounting for over Rs 3,000 crore of the total loans.

Also Read: Rolta India is back in insolvency court, this time for defaulting on a payment of Rs 1,413 crore