Bank of India has classified its Rs. 616.30 crore exposure to debt-ridden Rolta India Ltd as fraud, according to a regulatory filing submitted under SEBI (LODR) Regulations, 2015. The disclosure comes while the company undergoes the Corporate Insolvency Resolution Process (CIRP) under India’s bankruptcy law.
Rolta India’s Insolvency Status
The National Company Law Tribunal (NCLT), Mumbai Bench, admitted Rolta India into insolvency in January 2023 following a petition by Union Bank of India. The company owes Rs. 14,000 crore to its different creditors, including Rs. 13,700 crore to its secured and unsecured creditors. Among secured creditors, Union Bank of India has the highest voting share of 17.21% with admitted…
