NCLT nod to Rosmerta Technologies Rs 59.4-cr bid for Smart Card IT Solns
The Mumbai bench of the NCLT has approved the Rs 59.40-crore resolution plan submitted by Rosmerta Technologies Limited for Smart Card IT Solutions Limited. The resolution plan was earlier approved by the CoC by 100% vote share.
According to the resolution plan, secured financial creditors would receive a sum of Rs 41.90 crore against their total admitted claims of Rs 55.71 crore. Operational creditors would receive Rs 2.35 crore against their admitted claims of Rs 253 crore. Majority of the dues of operational creditors belonged to government bodies (Rs 214 crore), against which the resolution plan provides Rs 1 crore. A sum of Rs 15 lakh has been set aside for CIRP cost.
The resolution plan also has a provision of capital infusion of Rs 17.40 crore by way of subscription of Equity shares at face value. The successful resolution applicant — Rosmerta Technologies — has proposed to acquire 100% equity ownership of the Smart Card IT Solutions and extinguish all existing shareholding of the existing shareholders.
It has been said in the resolution plan that the remaining capital shall be infused by way of equity and loans from group companies and banks. The NCLT noted that the SRA along with the group companies have adequate internal accruals and liquid funds to meet the entire resolution plan amount.
Smart Card IT Solutions was dragged to insolvency court by financial creditor JHP Finvest Private Limited. The company owed over Rs 441 crore to different creditors including Rs 253 crore to government.
Smart Card IT Solutions offer Card Manufacturing, Solutions and Consulting Services. The Card Manufacturing Plant has been set up in Pune.
New Delhi-based Rosmerta Technologies is engaged in the business of applying smart card-based technology to various paper-based applications that affect the common man in his daily life.
Rosmerta has won prestigious projects for issuing Hybrid Optical Strip Smart Card Technology-based Vehicle Registration Certificates (VRCs) and Driving Licence (DLs) to different states of India. Successful implementation of these projects with near-flawless execution – almost 35 million VRCs/DLs issued/supplied, bear testimony to Rosmerta’s outstanding multi-mode capabilities, ranging from winning business to successfully executing, all within reasonable cost and time. Rosmerta operates from 300 nationwide locations, giving it a national footprint that further enhances its appeal to its customers.
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