Search
+
Invest with Confidence. Lead with Insights.
  • Drench in the knowledge with exclusive insights, ePaper & smart market tools with ETPrime.

Under the lens

After dodging bankruptcy thrice in five years, Rolta India has been dragged to insolvency court again

After dodging bankruptcy thrice in five years, Rolta India has been dragged to insolvency court again
After dodging bankruptcy thrice in five years, Rolta India has been dragged to insolvency court again
Kamal K. Singh, chairman and founder, Rolta Group; image credit: Wikimedia

Synopsis

IT solutions company Rolta India has managed to keep lenders at bay despite being dragged to the insolvency court thrice. On all three occasions, Rolta India was able to skip insolvency proceedings due to multiple reasons. But now, as a fourth plea is admitted by the NCLT Mumbai, will creditors be able to recover their INR10,000 crore?

Mumbai-headquartered Rolta India is at the insolvency court for the fourth time in less than five years. On January 19, 2023, the Mumbai bench of the NCLT admitted Union Bank of India’s plea, the fourth such against Rolta India, for a default of INR1,413 crore. The IT solutions company, primarily focused on making geographic information system (GIS), deployed mainly in the defence sector has managed to escape insolvency thrice, leaving its
  • FONT SIZE
  • SAVE
  • PRINT
  • COMMENT
New Feature Refer & Earn
ET

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

The Economic Times